Underutilized Retirement Strategies
(BPT) – Across the nation, thousands of seniors have used a Home Equity Conversion Mortgage (HECM), commonly called a reverse mortgage loan, as a savvy way to access the equity in their homes as part of their retirement strategies.
Those who are interested in a reverse mortgage loan should know that there are six main phases to the process: 1) educating and qualifying 2) counseling, 3) approval, 4) funding, 5) using and 6) settling.
1. Educating and qualifying
The HECM process begins by contacting an FHA-approved lender who will review the borrower’s situation, educate them on the HECM program, and determine if they would likely qualify for a reverse mortgage loan. This is a controversial type of loan and must be carefully considered as a part of your retirement strategies.
“Once the lender has determined that the borrower is eligible, they work closely with them to shape the loan so it fits their needs,” says Paul Fiore, Chief Sales Officer for American Advisors Group, the leading reverse mortgage lender in the nation. “At AAG, this is a highly personalized process View full post…