Why use a HECM for purchase vs. a tradition mortgage?
One of the greatest benefits of a reverse mortgage is that monthly payments are not required as long as the home is occupied as a primary residence, whereas a traditional mortgage requires monthly payments. Additionally, a reverse mortgage does not have the strict credit and income underwriting guidelines that traditional mortgages have. It is important to note that even though the borrower is not making monthly payments with the reverse, the borrower absolutely must keep their homeowners insurance current, pay their property taxes, keep the home in good repair and pay any other costs that may be associated with the home (for example: Home Owners Association Fees).
NMLS#298518
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