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HECM and reverse mortgage

is there any reason not to choose a HECM reverse mortgage as compared to any other program? i understand that reverse mortgages are generally a bit risky but i was wondering what the benefits would be for choosing an alternative to the norm by TAnder_927_648 from Oceanport, New Jersey. Aug 24th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Reverse mortgages have a specific use for specific persons.. The reverse mortgage enables you to live in a home that YOU OWN, without having to make mortgage payments.. Instead, you principal balance increases each month as interest accrues.. There is also an option where you can pull cash out and still have no payments.. It's all based on your age, your spouse's age, and how much your home is worth.. but for retired folks, where the income is tight, the HECM is a great option.... if your situation is you have plenty of income, and assets, and you have an estate and heirs, then there might not be a need for you to do a HECM... if you have a financial advisor, I would suggest sitting down with him and have him look at your complete scenario... He should be able to advise you if a HECM is right for you.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Aug 24th 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

Hi we are mortgage brokers in NJ. I would love to discuss the reverse mortgage with you more or to see if there is a better product for your situation. Contact us at Team@BestMortgageOption.com or 201-962-3555

Aug 24th 2012
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Peter Traum (njlenderspeter)
#57 ranked lender in New Jersey - 16 contributions

A reverse mortgage is not right for everyone. For some it is the perfect loan. It depends on what the specifics of your situation are as to your finances and what you are trying to accomplish. There are a lot of misconceptions about reverse mortgages. You'll want to really understand them to determine what is best for you. In fact, the government will require you obtain counseling from a HUD approved counselor before you can even apply for a loan, which is a good thing. NJ Lenders is located locally here in New Jersey. Should you want to discuss your situation, understand more about the reverse mortgage product and like some help in determining if a reverse mortgage or some other program is best for you please contact me. It's often helpful to be able to sit down with someone in person. Good luck.Peter TraumNJ Lenders Corp. (973) 610 7642

Aug 24th 2012
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LAMIN YUMKELLA (lyumkella)
#53 ranked lender in Maryland - 3 contributions

it depends on why you are getting a loan, the closing cost maybe a little high. If you are getting it to do repairs or something relating to that you may want to get a HELOC, if you are getting it to pay of some high interest rate debt or something relating to that because or just supplement your retirement income so you don't out live you savings then HECM is perfect for you...call me and we can discuss all options available to you..Lamin 4434714327 Equity Mortgage Lending.

Aug 27th 2012
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