HECM Reverse Mortgages
Reverse Mortgage Financing Solutions
HECM loans in North Carolina, South Carolina & Virginia – (910) 256-8999
The Reverse Mortgage Division of Alpha Mortgage works with homeowners and home buyers age 62 and older in the States of North Carolina, South Carolina, and Virginia. Our HECM reverse mortgage program is backed by HUD (The U.S. Department of Housing and Urban Development) and insured by the FHA.
Our Reverse Mortgage Division has built an extensive website to provide borrowers with the most in-depth and transparent information on reverse mortgages in today’s marketplace. We invite you to take a look at that website or simply review the information on this page and contact us directly to learn more.
A reverse mortgage is a type of home financing option available to borrowers aged 62 or older who already have significant equity in their homes. The Home Equity Conversion Mortgage (HECM) is a specific version of the reverse mortgage that is insured by the Federal Housing Administration (FHA).
Through a reverse mortgage/HECM, senior homeowners can borrow against their equity and instead of making monthly mortgage payments (as is typical for a forward mortgage), the borrower actually receives payments from the lender in the form of monthly installments, a lump sum, a line of credit, or a combination of these.
The borrower(s) do not have to repay the reverse mortgage until the last surviving homeowner no longer uses the home as his/her primary residence. In other words, if the last borrower passes away, moves into a nursing facility, or decides to sell the home, then the reverse mortgage must be repaid. Until then, however, the borrower can continue to receive their reverse mortgage proceeds as long as they abide by the guidelines of their mortgage contract. This includes continuing to pay for homeowners insurance and property taxes as well as keeping up regular maintenance on the home.
Why Consider a Reverse Mortgage?
- May be a great way for seniors/retirees to boost household cashflow without having to go back to work.
- HECM proceeds can be used however the borrower wants.
- Loan doesn’t need to be repaid until last surviving homeowner no longer lives in the home.
- Heirs and estate are not liable for repaying the loan.
- If home is sold to pay off the HECM, any leftover profit can go to the borrowers or their heirs/estate.
- If home is sold but doesn’t sell for enough money to pay off the HECM, the FHA absorbs the loss—the borrower/heirs/estate is not responsible for paying the difference.
- HECM may be used for the purchase of a home.
- Proceeds can be received in a variety of ways—lump sum, monthly payments, line of credit, or combination.
- Line of credit option features credit growth rate—whatever money is not used can increase over time.
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