There are many questions you might have when considering a reverse mortgage – this is your home we’re talking about after all, and that is not something to take lightly. Your home is an important asset, especially to you, so how would getting a reverse mortgage affect that? One question that can come to mind is: What happens when you decide that you want to sell the house? Selling a place you’ve spent years building up and making memories in is already challenging enough. The last thing you need is to worry about paying back your mortgage on top of it.
That’s not the case with the Home Equity Conversion Mortgage (HECM) from One Reverse Mortgage. Our HECM loan will protect you from having to owe more than what your home is worth at the time of sale. We’re able to provide this protection because our product is federally insured.
If your home sells for less than what you owe on your loan, the government will cover the difference. That means that the Department of Housing and Urban Development (HUD) will forgive the difference entirely when the home is sold and your heirs will not be held accountable for paying the difference.
We know that getting a reverse mortgage is a decision that goes beyond our clients – it extends to their families as well. A common misconception is that you or your heirs will be left in a bad financial state if you sell your home for less than you owe. With HECM, we want you to know that you and your family are protected, and that using a reverse mortgage can still help you maintain your independence whether you remain in your home or decide to leave. We are confident that our HECM loan will be family approved and provide a great foundation to start off retirement on your terms.