Our goal is to teach others and spread knowledge about the HECM Reverse Mortgage program. That's a short question that has a long answer! At New Mexico Reverse Mortgage, our goal is to teach others and spread knowledge about the HECM Reverse Mortgage program. It is a highly regulated program that is insured by HUD thru FHA (the Federal Housing Administration) and is intended to benefit homeowners 62 years of age and older.
Because it is a unique and specialized program, most mortgage lenders do not offer this program. Other lenders may advertise the HECM program but are not specialists familiar with the intricacies or current on recent changes that affect you. Also, DO NOT ever feel rushed or pressured. Obtaining a reverse mortgage is a process.
Because it is a unique and specialized program, most mortgage lenders do not offer this program. Other lenders may advertise the HECM program but are not specialists familiar with the intricacies or current on recent changes that affect you. Also, DO NOT ever feel rushed or pressured. Obtaining a reverse mortgage is a process.
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We Are
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Whether you are part of the seasoned War Generation, a young Baby Boomer "kid" or something in between, you are on this website to learn about reverse mortgages. However, before you get lost zipping around our pages, we'd like you to know more about us. Who are we? First, let us tell you who we are NOT.
Reverse 101
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So you've seen the commercials and are now asking yourself, "What is a Reverse Mortgage?" The acronym "HECM" (pron: heck-um) stands for a Home Equity Conversion Mortgage and is the type of Reverse Mortgage that is insured by the Federal Housing Administration (FHA). In 1988, the Reagan Administration through the U.S. Dept. of Housing and Urban Development (HUD) created the HECM Reverse Mortgage program.
The Options
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Financing your current home. This usage is the typical type of Reverse Mortgage transaction and is most often what is generally considered and thought to be a Reverse Mortgage. A lesser known usage is financing the purchase of a new home they intend to move into. Few home buyers (or their real estate brokers) realize that this is even an option.
How to Choose Your Lender
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From beginning to end, there are few similarities between a conventional (forward) mortgage and a reverse mortgage. Deciding if a reverse mortgage is right for you is a big decision and you have a lot to think about. You should not need to worry whether your Reverse Mortgage Lender is qualified and knows what they are doing.
How to Qualify for a Reverse Mortgage
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You will not be required to make a mortgage payment to your reverse mortgage in order to qualify to live in your home as long as it is your primary residence. You will still be responsible for property taxes, insurance and repairs to the home. Reverse mortgages are insured by the Federal Housing Administration (FHA) and are called Home Equity Conversion Mortgages (HECMs).
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