Reverse Mortgages
In December, 1987, the United States Congress passed the Housing and Community Development Act of 1987. Section 255 of this legislation incorporated the statutory requirements for the Home Equity Conversion Mortgage (HECM); known today as the FHA-Insured Reverse Mortgage, and in February, 1988, President Reagan signed the legislation into law.
Despite the rapid increase in the program’s acceptance, many older Americans are misinformed and are fearful of the process and terms of the loan. Compounding the problem, many well-meaning family members and financial advisors offer advice based on secondhand knowledge or anecdotal stories; however, their information often falls short of providing a complete and accurate understanding of the facts about reverse mortgages.
The Reverse Mortgage Division at Mortgage and Beyond is staffed by professionals that have devoted most of their mortgage careers to reverse mortgage education, and stand ready to provide complete and factual information to anyone needing to better understand reverse mortgages.
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