HUD Announces the HECM Saver, a Low-Cost Reverse Mortgage

By
Real Estate Agent with Downing-Frye Realty, Inc - the best in SW Florida


HUDReverse mortgages, which convert home equity into tax-free cash, available to borrowers mortgage
62 years of age and older, have been criticized for their high up-front fees, among other things.

Enter HUD with its new Home Equity Conversion Mortgage Saver (HECM Saver), a low cost, FHA insured, reverse mortgage, that puts, however, tighter limits on amounts that can be borrowed.  

“It opens up new options for people to think about in terms of how they tap their equity as a retirement resource,” said Barbara Stucki, vice president of home equity initiatives at the National Council on Aging.

 

Please click here for the full Rismedia article

 

 

 

 

 

Posted by

Christine R. Sutherland, REALTOR®
Downing-Frye Realty, Inc.  Naples & Bonita Springs, FLORIDA
Phone:          239-465-4525

Website:       http://WonderfulNaples.com
Email:           NaplesNaples@gmail.com

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Dan Edward Phillips
Dan Edward Phillips - Eureka, CA
Realtor and Broker/Owner

Good Morning Christine, a very interesting program, thanks for sharing the link.

Feb 04, 2011 06:11 AM #1
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Christine R. Sutherland

REALTOR - CIPS, TRC, e-Pro
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