Chris Bruser with Mutual of Omaha shares the different types of Reverse Mortgages and how they can help families.
Reverse mortgages have been around since the 1960’s, but as Chris describes, those were the “wild wild west days,” banks and lenders were making their own rules back then, but in the late 1980’s things changed. Home Equity Conversion Mortgages came out and it is now regulated by HUD and insured by FHA.
One type of Reverse Mortgage is a Jumbo Reverse Mortgage, and people are often surprised that you can take out a reverse mortgage between $1-5 million dollars.
However, the most popular is the Home Equity Conversion Mortgage. It simply allows people 62 and older the ability to access the equity in their home, with no monthly payments necessary. Chris shares that people often tell him it sounds too good to be true, and it really is in many ways, but it is something that is helping people all over the country financial assistance to pay for in-home care and other services they need.
To learn more about reverse mortgages, please contact Chris Bruser with Mutual of Omaha at (813) 857-4565