The name HECM reverse mortgage comes from the term home equity conversion mortgage and is the program or product from the U.S. Government. It is about thirty years old and getting more and more popular. The target is to transform a part of the home equity into cash money according to the payment schedule, which a senior has set.

With the normal mortgage a borrower can lose his home, if he cannot follow the payment plan, but there is no such danger with the HECM reverse mortgage. The guarantees are the equity of the home and the obligatory insurance. The borrower will never lose other assets than the value of the home.

What are the property requirements for HECM Reverse Mortgage Loan?

Because the idea is to give more disposable cash to the seniors against the equity of the home, the home will be the main guarantee. However, in some cases it can happen, that the selling price of the home does not cover the total amount of the capital, interests and the costs. In that rare case the missing part will be taken from the mortgage insurance, which a borrower must take, when he signs the contract.

This is very important for the borrower. The government ensures, that you will get all the benefits due to you as long as you live. This means also that the bank will get the full payment of your loan balance, even in cases that it exceeds the value of the home.

Also you will never be forced to sell or vacate your own home, even in the cases when the loan balance is over the value of the home. This also means that you, your heirs and the property cannot owe more than the value of the home, so your other assets will never be used to pay the reverse mortgage loan.

Is there any financial requirements?
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* No income or employment qualifications are required because you don’t have to make any payments * You don’t have to make any payments as long as it’s your principal residence, but you have to pay your property tax and keep the home in good shape or else the bank can take the property * You can choose to combine the closing costs into the HECM Reverse Mortgage Loan

4. The Home Ownership.

One of the biggest advantages is that the HECM guarantees, that you will keep the ownership of the home for life. If there will be other borrowers, altogether three are allowed, they all must meet the qualifications and be owners of the home. You may sell, move, or repay your HECM at any time you wish with no prepayment penalties.

5. The Position Of Your Heirs.

Your heirs will inherit the home and it is their decision, how they want to pay the HECM. All equity, including the home appreciation, will go to the heirs according to the will or the Living Trust.

Looking to find the best deal on HECM Reverse Mortgage, then visit http://hecm-reversemortgage.org to find the best advice on Reverse Mortgage Loan for you.. This article, What is HECM Reverse Mortgage? has free reprint rights.