Home Equity Conversion Mortgage (HECM) and proprietary reverse mortgages are two types of reverse mortgages. HECM is a government-insured reverse mortgage (insured by FHA), while proprietary reverse mortgages are not insured by the government (FHA). Proprietary reverse mortgages are offered by private lenders and are designed for high-value homes. They are not subject to the same regulations as HECMs, and loan limits are not capped by the government.
For many Americans, their home is the biggest asset, and the one they have invested the most in throughout their lives. In fact, home equity now represents more than two-thirds of total wealth for the average 65-year-old American Couple (1). Reverse mortgages work by allowing homeowners to tap into their home’s equity while continuing to reside there well into retirement years.
Ready to buy your second home? Here's what you need to know about which home loan programs you qualify for the second time around.
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Mortgage rates are falling and there's a surprising benefit beyond a more affordable mortgage payment --more inventory! Read more in this latest blog.
We're here to help make homebuying more afforable! Explore these tips for reducing your closing costs.
In this guide, we delve into 10 crucial do's and don'ts to navigate the post-application phase with finesse, ensuring that you not only enhance your chances of mortgage approval but also pave the way for a seamless transition into homeownership.
Here's what you need to know about getting a mortgage with a co-borrower.
Read this essential guide for buying a new construction home and avoiding problems with your purchase.
Here's what you need to know about financing and buying a fixer-upper.
Should you buy a home in 2024? Where will mortgage rates go in the coming year? Read this to get more information.
Here's what today's rate announcement from the Federal Reserve could mean for potential homebuyers.
Don't let those rates ruffle your feathers. Armed with these concessions, you're ready to conquer the world of homeownership—even when rates are playing hardball!
VA home loans have been opening the doors of homeownership for nearly 80 years! Learn more about how this program can help you too.
Grab your rake, call up your HVAC technician, and get ready to embrace the fall season by preparing your home for the months ahead.
