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Nevada HECM Product Profile!

The Home Equity Conversion Mortgage, or HECM, is the only Nevada reverse mortgage program insured by the federal government. It is available through the Federal Housing Administration (FHA), a division of the U.S. Department of Housing & Urban Development (HUD). Over 95 percent of all reverse mortgage borrowers choose the HECM product. What makes this option so popular? FHA provides insurance. Because the Federal government insures this product, it is considered the safest Nevada reverse mortgage product currently available. Mortgage insurance is a safety measure that ensures you will always receive your reverse mortgage funds as long as you maintain primary residence in that particular home. For example, if your lender refuses to continue monthly payments, or if your lender is no longer in business, you would continue to receive your monthly payments through FHA. Mortgage insurance also protects the reverse mortgage lender, it ensures that the lending institution will receive the total repayment of the reverse mortgage balance, even if you home’s value is less than the total amount due. As long as you occupy the home as your primary residence, you will not be forced to sell. The FHA insurance guarantees that the lender will receive its full payment, and neither you nor your heirs will be held financially responsible if your loan balance exceeds your home’s value. As with all Nevada reverse mortgages, Federal law requires lenders to give borrowers a three-day “right-of-rescission”. Even after you sign the final paperwork at closing, you still have three days to change your mind without any type of penalty. However, your funds will not be available until the end of the three-day period, nor will interest be charged on your loan balance.

More Nevada Reverse Mortgage Information:

Nevada Reverse Mortgage | Reverse Mortgage Tax-Free Funds | Use of a Nevada Reverse Mortgage Fund | Available Funds From A Reverse Mortgage | Repayment of Your Nevada Reverse Mortgage | Nevada HECM Product Profile


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