Mortgage Info

Reverse Mortgage Variation: Aimed at Seniors Looking to Downsize

By Lew Sichelman, Los Angeles Times

To comment on this article, please visit our blog.

April 14, 2009 - That Ralph and Plum Smith bought a house last month in Brookings, OR, is not terribly remarkable, at least not until you learn that he's 84 and she's 77. But what is even more noteworthy is that the couple didn't pay cash for their new $240,000 home, yet they will have no mortgage payments.

The Smiths are among the first seniors in the country to close on a Home Equity Conversion Mortgage (HECM) for Purchase, a form of federally insured reverse mortgage authorized in the Housing and Economic Recovery Act of 2008. The law took effect Jan. 1, 2009.

Click Here to read the entire article.

Click Here to read more information about reverse mortgages of all kinds from the Federal Trade Commission (FTC).

Share Your Thoughts

Under what circumstances would you consider a reverse mortgage?

Print Date: 9/20/2020
Using this site means that you agree to our Terms of Use and Privacy Policy. - Copyright © 2020 DREAM HOMES. All rights reserved.
All information is deemed reliable but is not guaranteed and should be independently verified.
Facebook Twitter Instagram