Reverse Mortgage Fact

Another fact is that more than ninety-five (95) percent of Reverse Mortgages done are the Federal Housing Administration (FHA) Home Equity Conversion Mortgage (HECM) version. This guarantees the full protection of the United States Government through use of the required two (2) percent insurance fee paid on all FHA Reverse mortgages.

The remaining, less than five (5) percent of Reverse Mortgages, are the Federal National Mortgage Association (FannieMae) and Proprietary Reverse Mortgages which are guaranteed by private lenders that insure their safety.

The American Association of Retired Persons (AARP) has provided more literature than anyone else on this subject and it is very positive. They are a great resource for Reverse Mortgage Information. They have a specific publication called “Home Made Money” which is excellent. The Federal National Mortgage Association (FannieMae) also offers a publication titled “Money from Home” that is helpful for Reverse Mortgage Education. The National Council On Aging (NCOA) completed a study in 2005 called “Use Your Home to Stay At Home” plus two booklets “A Planning Guide for Older Consumers” and “A Guide for Homeowners Who Need Help Now”.

Call 1-888-973-8377 to speak with a Reverse Mortgage Specialist and Counselor.