Program Information
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-Marks & Marks Financial : (727) 698-7264 or by email: marksmortgage@gmail.com
HECM
The Home Equity Conversion Mortgage (HECM) is the oldest and most common reverse mortgage and is insured by the federal government through the Federal Housing Administration (FHA). A unique feature of the HECM loan is the Mortgage Insurance Premium (MIP). This guarantees that if the company managing your account – commonly called the loan “servicer” – goes out of business, the government will step in a make sure you have continued access to your loan funds.
The Home Equity Conversion Mortgage (HECM) is the oldest and most common reverse mortgage and is insured by the federal government through the Federal Housing Administration (FHA). A unique feature of the HECM loan is the Mortgage Insurance Premium (MIP). This guarantees that if the company managing your account – commonly called the loan “servicer” – goes out of business, the government will step in a make sure you have continued access to your loan funds.
Reverse Mortgage Insurance premium, mean when you die the mortgage is paid off….like PMI on other home loans…
Hi Ann, I have emailed your directly, to reply to your comment. Thank you,
-Tony Marks