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.
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.
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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.
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.
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.
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.
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).
Reviews (6)
Kathy Pallis
Aug 15, 2018
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After encountering issues with a shared well that two other organizations could not work with, I was referred to Mace. He, most importantly, listened to me; and then was able to pinpoint the problem source and work with me to resolve it so we can now proceed with the mechanics of applying for and completing a RM.
Brooke Dulaney
Jun 27, 2018
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Sandy Kimmons
Sep 04, 2017
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Carlene J.
May 18, 2016
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The professionalism of this office is only the tip of the iceberg. Dreams can be realized through a reverse mortgage, and the staff at this office helped me through the process with eyes wide open. Having gave to face meetings made all the difference for me in making my decision. I can't say enough about this company.
Christine Huber
Oct 13, 2014
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Jukka Jumisko
Aug 12, 2014
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