Seniors to Benefit from Reverse Mortgages

January 28th, 2009 category: Over 55 / Active Adult

According to a recent column at Inman News authored by Tom Kelly, there is a loan of interest approved for senior homeowners. According to Kelly,

“The housing and Economic Recovery Act of 2008 recently approved the HECM-FOR-PURCHASE program, allowing lenders to close the mortgages after Jan. 1, 2009. The move allows older homeowners to make a large down payment on a new home and then utilize the reverse mortgage as permanent financing.”

In order to better offer an understanding of reverse mortgages, we’re providing a link to the US Department of Housing and Urban Development (HUD), where details of this program, along with several other available offerings, can be found. Click here for info.

In addition to several links offering details, there is a word of caution to homeowners considering this type of financing: BEWARE OF SCAMMERS.

Evidently, there are predators seeking to obtain payment for information- ALL information can be found, for free, at the HUD site.

If you have any questions regarding the reverse mortgage, please do not hesitate to contact us. We will provide an expert able to assist with your navigation of this exciting new loan program.

To check out all available homes or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient Point, NY.

This entry was posted on Wednesday, January 28th, 2009 at 11:42 pm and is filed under Over 55 / Active Adult. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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