Once again, new FHA assures HECMs. Lenders and you can brokers exactly who offer contrary mortgage loans sometimes emphasize the financing try federally covered, as though this insurance is generally to your borrower’s coverage. However, so it insurance program mainly advantages the lender.
Challenging Advertising
Certain advertising having reverse mortgages state that you get “tax-100 % free currency.” But of course, reverse mortgage continues aren’t taxed-an opposing home loan are that loan, maybe not income. Along with, the fresh advertising usually doesn’t divulge brand new charge, criteria, or risks regarding the mortgage. Will, the elderly never grasp the fresh new terms of reverse mortgages, and you can inaccurate messages only become worse this issue.
FHA manages the brand new advertisements away from FHA-backed financing and has particular rules getting opposite mortgage loans.ادامه خواندن