Our goal is to teach others and spread knowledge about the HECM Reverse Mortgage program. That's a short question that has a long answer! At New Mexico Reverse Mortgage, our goal is to teach others and spread knowledge about the HECM Reverse Mortgage program. It is a highly regulated program that is insured by HUD thru FHA (the Federal Housing Administration) and is intended to benefit homeowners 62 years of age and older.
Because it is a unique and specialized program, most mortgage lenders do not offer this program. Other lenders may advertise the HECM program but are not specialists familiar with the intricacies or current on recent changes that affect you. Also, DO NOT ever feel rushed or pressured. Obtaining a reverse mortgage is a process. It is a process that begins with an in-depth education so that you are confident in your understanding and are making the right choice for you.
If you get multiple phone calls and other solicitations pressuring you to move quickly, simply tell them that you're not interested and to remove your contact information from their database.
Because it is a unique and specialized program, most mortgage lenders do not offer this program. Other lenders may advertise the HECM program but are not specialists familiar with the intricacies or current on recent changes that affect you. Also, DO NOT ever feel rushed or pressured. Obtaining a reverse mortgage is a process. It is a process that begins with an in-depth education so that you are confident in your understanding and are making the right choice for you.
If you get multiple phone calls and other solicitations pressuring you to move quickly, simply tell them that you're not interested and to remove your contact information from their database.
Services
Whether you are part of the seasoned War Generation, a young Baby Boomer "kid" or something in between, you are on this website to learn about reverse mortgages.
However, before you get lost zipping around our pages, we'd like you to know more about us.
Who are we?
First, let us tell you who we are NOT.
We are not aging Hollywood actors, singers or ex-politicians seen on TV.
We are not one of the "1-800" faceless phone call centers that many seniors get herded through.
Nor do we buy or sell your information if you innocently ask for more information or complete information on a website reverse mortgage calculator (be careful, it really does happen).
However, before you get lost zipping around our pages, we'd like you to know more about us.
Who are we?
First, let us tell you who we are NOT.
We are not aging Hollywood actors, singers or ex-politicians seen on TV.
We are not one of the "1-800" faceless phone call centers that many seniors get herded through.
Nor do we buy or sell your information if you innocently ask for more information or complete information on a website reverse mortgage calculator (be careful, it really does happen).
So you've seen the commercials and are now asking yourself, "What is a Reverse Mortgage?"
The acronym "HECM" (pron: heck-um) stands for a Home Equity Conversion Mortgage and is the type of Reverse Mortgage that is insured by the Federal Housing Administration (FHA).
In 1988, the Reagan Administration through the U.S. Dept. of Housing and Urban Development (HUD) created the HECM Reverse Mortgage program.
It is a home-equity loan for homeowners 62 years old and older.
A New Mexico Reverse Mortgage helps the homeowner turn a part of the equity in their homes into tax free cash without having to make a mortgage payment, sell the home or give up title.
The acronym "HECM" (pron: heck-um) stands for a Home Equity Conversion Mortgage and is the type of Reverse Mortgage that is insured by the Federal Housing Administration (FHA).
In 1988, the Reagan Administration through the U.S. Dept. of Housing and Urban Development (HUD) created the HECM Reverse Mortgage program.
It is a home-equity loan for homeowners 62 years old and older.
A New Mexico Reverse Mortgage helps the homeowner turn a part of the equity in their homes into tax free cash without having to make a mortgage payment, sell the home or give up title.
Financing your current home.
This usage is the typical type of Reverse Mortgage transaction and is most often what is generally considered and thought to be a Reverse Mortgage.
A lesser known usage is financing the purchase of a new home they intend to move into.
Few home buyers (or their real estate brokers) realize that this is even an option.
For Realtors and home buyers, we have dedicated a page to the Reverse For Purchase financing.
Regardless of Refinance or Purchase, there are two Reverse Mortgage Options to choose from.
This usage is the typical type of Reverse Mortgage transaction and is most often what is generally considered and thought to be a Reverse Mortgage.
A lesser known usage is financing the purchase of a new home they intend to move into.
Few home buyers (or their real estate brokers) realize that this is even an option.
For Realtors and home buyers, we have dedicated a page to the Reverse For Purchase financing.
Regardless of Refinance or Purchase, there are two Reverse Mortgage Options to choose from.
From beginning to end, there are few similarities between a conventional (forward) mortgage and a reverse mortgage.
Deciding if a reverse mortgage is right for you is a big decision and you have a lot to think about.
You should not need to worry whether your Reverse Mortgage Lender is qualified and knows what they are doing.
Ask them what percentage of their business is the reverse mortgage program.
Just because a Loan Officer can originate a doesn't mean that they should originate a reverse mortgage.
Deciding if a reverse mortgage is right for you is a big decision and you have a lot to think about.
You should not need to worry whether your Reverse Mortgage Lender is qualified and knows what they are doing.
Ask them what percentage of their business is the reverse mortgage program.
Just because a Loan Officer can originate a doesn't mean that they should originate a reverse mortgage.
You will not be required to make a mortgage payment to your reverse mortgage in order to qualify to live in your home as long as it is your primary residence.
You will still be responsible for property taxes, insurance and repairs to the home.
Reverse mortgages are insured by the Federal Housing Administration (FHA) and are called Home Equity Conversion Mortgages (HECMs).
In the good ol' days, HECM loans did not require much income or asset documentation, nor did underwriters require explanations or proof of resolution for most derogatory credit issues.
You will still be responsible for property taxes, insurance and repairs to the home.
Reverse mortgages are insured by the Federal Housing Administration (FHA) and are called Home Equity Conversion Mortgages (HECMs).
In the good ol' days, HECM loans did not require much income or asset documentation, nor did underwriters require explanations or proof of resolution for most derogatory credit issues.
Reviews
Be the first to review New Mexico Reverse Mortgage.
Write a Review
