Reverse Mortgage Basics: Review the Buttons For Subject Areas to Click on.
Overview of Reverse Mortgages Basics and Fundamentals
I am happy to answer your questions.
Robert Fulton 360-222-3236
FHA Insured Reverse Mortgages have been offered by Fulton Financial Consultants, Inc. since 1998 and Jumbo RVM's for over four years.
Reverse Mortgages normally referred to as a HECM Stands for “Home Equity Conversion Mortgage” which is a Non-Recourse loan with no monthly mortgage payments; this product is insured by FHA. However the home owner still has financial responsibilities associated with homeownership such as paying premiums on homeowner's insurance and paying property taxes, as well as the costs to keep the home maintained.
That “Conversion” process, (as indicated with a "C" in the acronym for the program name) is that of allowing the borrower the opportunity to spend down house equity to pay their housing expenses rather than their other liquid asset accounts or perhaps, the resources of one's children. So let your house pay for housing while you enjoy continuing to live in your own home.
This website is designed to assist you in deciding whether refinancing your current home with Reverse Mortgage is the right path for you and compare it to other alternatives, such as downsizing your current home or just outright selling your own home altogether and just renting.
Reverse Mortgages Products and Programs are not for everyone, here is what you need to know.
Like any financial product or program (including a Reverse Mortgage), the incorrect installation, what I call an unsuitable transaction with a consumer may do more harm than good. In the past, most of that was offering Reverse Mortgages to homeowners who could not pay the taxes and insurance on their homes. The industry has been correcting this problem. So you will see in the future, a large group of homeowners will be part of what I call "non-candidates" for Reverse Mortgages. In other words you now have to qualify for a Reverse Mortgage just like any other loan to be a homeowner.
But, on the other side of the coin, taking the time to learn if a reverse mortgage is suitable and appropriate for you should be a priority.
The careful review of the "Reverse Mortgage Programs" available to you and their benefits may be essential for you to be able to use your home equity has a contingency fund should you need, for something such as long term care expenses as you age. That subject is just one of the strategies I explore on this website. As we age, it can be come more challenging to survive homeownership or enjoying the feeling that comes from the freedom from financial success, over the long run, having a RVM Credit Line in place in advance can really payoff. So I will teach you about those too.
So you are still on my Reverse Mortgage Basics Landing Page: As with all my website pages just hover your cursor over and then click on the page button shown on the right for the subject area you wish to review.
Another option is to just click on the link below from the list of pages and go directly there. But to get back you will need to use the buttons in the right column.
This Site is Not Tax or Legal Advice. Always consult Legal Counsel and Your Tax Advisor. Content of website are the sole opinions of Robert Fulton & does not necessarily reflect those of Fulton Financial Consultants, Inc.'s Investor/Lenders or insurance companies or other product vendors. Because one of my product lines is that of Reverse Mortgages I must state the following: If the borrower does not meet loan obligations such as taxes and insurance, then the reverse mortgage will have to be repaid." The Terms, benefits and features shared as accurately as possible on best efforts basis and subject to change without notice. Therefore please discuss any decision making specifics with Robert Fulton 360-222-3236. "This material is not from HUD or FHA and has not been approved by HUD or any government agency."