” * Hints For . + Agim,JHomeowners as _ You Can Get MoneFor Your House AndLiveIn It, Too (NAPSA)—Aretirement free of mortgage paments ma be possible for man with an increasingl popular loan program known as a reverse mortgage. It can provide homeowners with cash while eliminating their house paments. Reverse mortgagesoffer those 62 and older the abilit to convert the equit in their homeinto cash while eliminating monthl mortgage paments. You can think of it as a home equit loan that doesn’t require monthl paments. What’s more, the program is insuredb the federal government and the homeowner keeps full ownership of the house. Now the options for reverse mortgages are growing. A new program, the Home Equit Con- version Mortgage (HECM) Saver, offers significantl lower fees than a standard reverse mortgage, making it much moreaffordable. “The HECM Saver has become ver popular with manretirees looking for an affordable reverse mortgage product that allows them to eliminate their monthl mortgage pament—oftentimes a person’s single largest monthl expense,” said Ja Farner, CEO of One Reverse Mortgage. “Not onl are people able to eliminate a pament but the are often able to convert some of the equit in their home into tax-free cash,” Farner added. While the HECM Saveroffers a significant reduction in up-front Man older homeowners who have beenlooking for hard-to-find home equit loans are now turning to reverse mortgagesinstead. For instance, on most traditional HECM reverse mortgages, the mortgage insurancefee is two points, which would come to $5,000 on a $250,000 home. Thosefees are reduced to onl $25 through the HECMSaver program. Another great benefit of all reverse mortgages is that credit scores pla no role in determining eligibilit. This ma be a blessing for man whoare struggling in toda’s econom or have been plagued with piling medicalbills. “The real stor here is that reverse mortgages are not onl grow- ing in popularit, the are also offering more choices to consumers,” Farner added. “The ma not be right for everone, but a reverse mortgage can be a fantastic supplement to a retiree’s 401(k) and other investments.” Learn More from the house. For some, that To learn more about reverse mortgages, ou can visit the National Reverse Mortgage Lenders Association at www.nrmla online.org or One Reverse Mort- gage moreattractive. com or call (800) 401-8114. fees, it also limits the amount of equit a homeowner can draw makes a standard reverse mort- gage at www.onereversemortgage.
