Reverse Mortgages backed by HUD offer a safe way for older Americans to access the equity in their home to meet their financial goals.
The HUD website for Reverse Mortgages says:
The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program, which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security.
The Star-Telegram reports that reverse mortgages backed by HUD become even safer as of August 4th by requiring the names of both spouses on the mortgage.
“This is good news for the industry,” said Scott Norman, a board member for the Reverse Mortgage Brokers Association and national sales manager for Urban Financial, a leader in reverse mortgage lending. “HUD should be applauded for this common sense rule.”
Learn more by reading the Star-telegram report: New rules on reverse mortgage designed to make loans safer for elderly.