Safeguards for a Reverse Mortgage (HECM)
Government Safeguards
The federal government has put in place several safeguards in the reverse mortgage program to protect and shield seniors from predatory lending practices. Chief among them is the mandate that a third-party counseling session must occur with an independent HUD-approved counselor before an application can be processed. Another important protection is that an application must be taken in person to avoid phone or mail scams.
It’s Easy To Find Peace Of Mind
A Reverse Mortgage will not affect your Social Security or Medicare benefits. And since the money you receive is not considered income, it is tax-free.
- You don’t need any income to qualify for a Reverse Mortgage
- You make no monthly payments
- You can receive additional monthly income
- You are fully insured and protected against owing more than the value of your home
- And there are no income, employment, or credit score restrictions
If you want a lender that specializes in Reverse Mortgage loans, the Benjamin Gerritsen team is thereverse mortgage lender to go to.
He knows the reverse market better than most other bankers and loan officers in Utah.
We are a Reverse Mortgage Loan lender specialist in ST George, Utah
