1 year ago

Are Reverse Mortgages Safe?

🔥🔥Get Your Free Reverse Mortgage Info Kit at:
(714) 271-8524
Info@ReverseMortgageLoanAdvisors.com
https://reversemortgageloanadvisors.com/free-reverse-mortgage-information-kit/

Video transcript:
Hey there, my name is Shawn and this IS ReversedTV.
Today I'll be talking about reverse mortgage. Specifically tackling the question, "are reverse mortgages safe?".
With that said, let's just go ahead and dive in.
There's basically two types of reverse mortgages. The one that's done most of the time in most cases (probably 90-95% of the time) is the FHA or HUD insured Home Equity Conversion Mortgage also more commonly known as a reverse mortgage.

Alot of people think that these loans are not safe or that they are bad, or they're scams, or whatever. And, that's just not the case.

Since 1988 during the Reagan administration, they've (reverse mortgages) been insured by HUD. They were much different before that, but since then they've been insured by FHA and they're very safe.

They've evolved a little bit. There were a couple of things that weren't the best about these reverse mortgages. Back in the day a long time ago they used to be equity sharing programs. That's not the case anymore. When you do a reverse mortgage, you own the house just like you do with a regular mortgage, but you have a loan on the house that would have to be paid off if you sell the house or when your heirs inherit the house.

Um, in fact, one of the requirements with a reverse mortgage is that you understand HOW it works and so in addition to speaking with a loan officer (who obviously gets paid and makes a commission when you do a loan with them), but you're also required to do counseling with a HUD approved counselor before you can actually get the process started. And then, In California, you actually have to wait 1 week before you can officially start the process by ordering an appraisal and things like that.

So, these loans are very safe. you can still leave the house to whoever you want. You still own the home. The main thing is you just don't have to make a monthly payment for as long as you live or for as long as you live in your home.

It's a great way to help you age in place if that's what your heart desires. If you want to live in the home you're in now til' the day you die, it can be a perfect solution for alot of people.

I hope that answered your question in terms of "are reverse mortgages safe?".

I'd love to hear from you if you want to get information about a reverse mortgage. My contact info is in the description below.

Please just drop a like and subscribe. Take care. Enjoy your day.

www.ReverseMortgageLoanAdvisors.com and Reversed TV Is not a lender, bank, or mortgage broker, nor is it affiliated with HUD or FHA. Reverse Mortgage Loan Advisors is simply a website designed to offer information about the FHA insured reverse mortgage program. However, the owner of the site is licensed as a reverse mortgage specialist in several states. Anyone that inquires and requests more information may be contacted by the owner of this site. If the owner of this site is not licensed to conduct business in the state you reside, one of our affiliates will contact you instead.

🔥🔥Get Your Free Reverse Mortgage Info Kit at:
(714) 271-8524
Info@ReverseMortgageLoanAdvisors.com
https://reversemortgageloanadvisors.com/free-reverse-mortgage-information-kit/

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