There are significant changes to the reverse mortgage (HECM – Home Equity Conversion Mortgage) coming on October 2, 2017. The government insured loan allowing homeowners 62 and over to access a portion of their equity will allow a smaller amount of equity to be tapped.
That means that if you have been thinking about getting a reverse mortgage in order to eliminate your current mortgage payment, now is the time. By waiting, you will be limited, depending on your age, to from 8% to 12% less money than prior to October 2nd, 2017.
Of course, with a reverse mortgage you will still be responsible for your property taxes and homeowners insurance. If you do not have a mortgage payment, why not take advantage of the larger amount of loan proceeds available to you now.
To maximize reverse mortgage proceeds, call us at Silver Leaf Mortgage in order to do what is necessary to get the FHA case number pulled before October 2nd when the new rules take effect. Call today to learn about your options. 720-458-4036
