Interest rates are beginning to sneak back down AND last weeks exciting HUD announcement, "INCREASING THE HECM LOAN LIMIT”, will certainly make for new opportunities!. In addition, if you or someone you know applied for a reverse mortgage last year, the actual numbers may have not been favorable. The changes announced will undoubtedly bring about new benefits and would be worth your time to take a quick look.

With Americans more likely to not qualify for a traditional mortgage loan, how many older Americans in this cohort would potentially qualify for a Home Equity Conversion Mortgage?
The answer to that pivotal question may be found in an academic study authored by Christopher Mayer, and Stephanie Moulton, entitled The Market or Reverse Mortgages among Older Americans.

If 35-Year-Olds Could Get HECMs, It Would Be the Only Loan in the Country.

Home Equity Conversion Mortgage for Purchase loan allows borrowers to purchase a new home with a reverse mortgage. That means you can complete both the purchase and reverse mortgage transactions with a single set of closing costs with a HECM for purchase. How Does a HECM for Purchase Work?