A Reverse Mortgage is NOT a Lifetime Commitment:
You can move whenever you want. As a lender, we cannot ask you to ever move or sell your home earlier than you want to as long as you continue to pay your taxes and insurance and maintain the home. We have to honor that commitment for life or as long as you live in your home. However, you are allowed to change your mind and sell the home whenever you want if you wish to move to a warmer climate, a smaller home, or closer to your children — whatever your choice may be. Only you will make that decision, not the lender or the government.
The HECM FHA Program is NOT a Failed Government Program or One that Costs the Taxpayers Money and Adds to the Deficit:
The HECM program is what is called in government-speak “Revenue Neutral.” That means the guarantees are authorized by the government, but the costs are paid by FHA mortgage insurance premiums, which are part of every loan that is done and paid out of the equity of the home. The taxpayers do not fund the program; it is simply made possible by the Federal Housing Administration, which monitors lenders to make sure seniors are being treated fairly and equitably.
NOTE: While Fairway as the lender does loan the money for the reverse mortgage loan, it is not affiliated in any way with any
government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
The HECM is NOT a Loan of Last Resort for the Poor:
Many folks think a reverse mortgage should only be used when all other accounts and options are exhausted. This could not be further from the truth. While it is a great loan product which may help a senior who may be facing foreclosure or other hard times, talk to your financial planner how using a reverse mortgage loan at an earlier age may work with your overall retirement needs, along with helping you “age in place.”
*This advertisement does not constitute tax or financial advise. Please consult a tax and/or financial expert for your specific situation. **There are some circumstances that will cause the loan to mature and the balance to become due and payable. Borrower is still responsible for paying property taxes and insurance and maintaining the home. Credit subject to age, property and some limited debt qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.