Tony Usher

CALL ME AT 323-510-1811 EXT#101

Home Equity Conversion Mortgages (HECMs) They are federally-insured loans that are backed by the U.S. Department of Housing and Urban Development (HUD). Home Equity Conversion Mortgages are used for various purposes. In terms of costs, proprietary reverse mortgages and HECMs are more expensive when compared to traditional home loans. Another factor worth mentioning is its high upfront costs. Whereby you want to borrow small funds or stay in your home for a short while, then y...ou may need to look into other loans as it is not a profitable option. Your borrow limits on proprietary reverse mortgages and HECMs can be influenced by these conditions: Age The type of selected reverse mortgage Home equity Present interest rates A financial evaluation of your capacity to pay property taxes and homeowner’s insurance. The amount of equity you have in your home is dependent on your age. Older adults tend to have more equity than the average adult. The less debt you have on your home, the more money you get. One of the prerequisites of having your HECM loan approved is to be counselled by a counsellor from the Department of Housing and Urban Development. You will be enlightened by the counsellor on the loan’s costs and implications. If this loan will not be suitable for your current needs, you will be provided with likely alternatives like single-purpose reverse mortgage or proprietary reverse mortgage. Call 323-510-1811 Ext# 101 if you need any information..

Effective immediately, Mortgage Companies have increased the minimum credit score to 640 for ALL Government loans including FHA, VA and USDA.

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