Welcome to Reverse Mortgage Support
We are a group of experts with several years of experience in the reverse mortgage industry. Our staff specializes in exclusively working with seniors and their families who are seeking to secure the best reverse mortgage loan possible. Our company has relationships with the top reverse mortgage lenders in America and can assist in determining which reverse mortgage lender is right for your situation. We have developed this web site to provide seniors a place to gather information about reverse mortgages and help conclude if one is right for you. Please note: To offer the best service possible, we have limited our service area to Washington, Oregon and California.
Brief History of Reverse Mortgages
Reverse mortgages (also called a "HECM") came into being by legislation passed by the Congress in 1987, and was signed into law in 1988. As part of the Housing and Community Development Act of 1987, reverse mortgages are specifically designed for seniors as a financial tool to access and utilize equity in their property without having the hardship of a monthly payment. Due to the growing popularity of the HECM or reverse mortgage, the Federal government, in December 2007, removed the restrictions on the number of outstanding reverse mortgage loans they would insure at any given time.
The Housing and Economic Recovery Act of 2008 (HERA) passed and established a national mortgage lending limit for all Home Equity Conversion Mortgages (HECM), insured as of November 6th, 2008, the national mortgage lending limit is $417,000. This does not apply to Alaska and Hawaii.
Important HECM Updates
As a result of the American Recovery and Reinvestment Act of 2009 (ARRA) signed into law on February 17, 2009, the National lending limit has been temporarily raised to $625,500 and will remain in effect until the end of calendar year, December 31, 2010.
Another important portion of the 2008 Recovery Act is the new ability to use a reverse mortgage to purchase a home, called the HECM for purchase. If you would like more information on this please contact us for details and to see what you qualify for at 1-877-307-6454.
Types of Reverse Mortgage Loans
Several reverse mortgage "types" have subsequently been established. Two of the basic types are:
Federally-insured reverse mortgages, and
Proprietary reverse mortgages.
Very briefly, Federally-insured reverse mortgages, which are known as Home Equity Conversion Mortgages (HECMs), are backed by the U. S. Department of Housing and Urban Development (HUD). Proprietary reverse mortgages are private loans that are backed by the reverse mortgage lenders that develop them.
Please go to the About Reverse Mortgages page for more detailed information on HECM or reverse mortgages and to our Frequently Asked Questions page for some specific questions and answers.
