In 1989 at the request of AARP, the Federal Government began insuring the Reverse Mortgage program. This insurance guarantees that:
a) if the investor goes out of business, the government will step in and service the Reverse Mortgage loan, and
b) if at the “end of the day” the amount owed on the loan is more than the value of the home, the government’s insurance will pay the difference.
This feature of the program provides “Peace of Mind” ™ for both the clients and their heirs in knowing there will never be a financial burden to the family.
So, to answer a frequently asked question:
Yes. A Reverse Mortgage is safe.
New FHA Ruling!
Seniors can now use a Reverse Mortgage in a purchase transaction.
Are you currently living in a home that does not meet your need as you age?
Maybe you would like a smaller or more maintenance-free home. You've thought of moving, but don't want to be burdened with monthly mortgage payments.
Now, you can combine the proceeds of the sale of your current home with a Reverse Mortgage to buy the house of your dreams!
Call Eileen for more details.
720-272-8125
Eileen Kennedy is a Loan Officer for Approval Reverse Mortgage, CO License #100023765; NMLS #286959.