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REVERSE MORTGAGES
Reverse Mortgages can be a way for seniors to access some of the sleeping equity in their home to pay medical expenses, get home repairs done, and supplement their social security income.
Many lending companies offer reverse mortgages but not all are backed by HUD. After seeing different Reverse Mortgage packages I have personally decided to only provide Reverse Mortgage notary services for loans that are HUD backed.
These loans provide the most security for borrowers and their heirs because HUD's loans are federally insured. HUD also requires the loan officer to disclose absolutely all terms and costs of the loan. Before you can sign your loan papers, you must speak with a federal employee at HUD to be certain a Reverse Mortgage is right for you and that you understand how the loan works.
A Reverse Mortgage can be a powerful tool but like all power tools it must be used with care. Read the article written by HUD. The website address is listed at the bottom of this page.
I recommend the book "Reverse Mortgages for Dummies." Click on the graphic to be taken to the book's page on Amazon.
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