Interview with Mark W. Seegmiller, loan officer

Interview with Mark W. Seegmiller, loan officer,

Mark Seegmiller is a reverse-mortgage loan specialist with Mountain America Credit Union, Woods Cross Branch. He says the majority of reverse mortgages help pay health-care costs and are used for home repairs, and living expenses, and to repay existing mortgages.

Explain a reverse mortgage.

The formal term is Home Equity Conversion Mortgage (HECM). Reverse mortgages allow people who are at least 62 years old and who have equity in their homes to turn that equity into cash. Basically, you unlock equity in your home that you don’t have to pay back as long as you live there. The tax-free money from a reverse mortgage can be received as a lump sum, regular monthly payments, a line of credit or in any combination of these three options. There are very little out-of-pocket expenses, and most costs can be included in the loan. You, or your estate, pay the money back - plus interest - when you pass away, sell your home or permanently move out of your house. This government-backed program is supplementing seniors’ retirement incomes across the nation.

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Full post here Reverse Mortgage Loan Blog

Written by News & Feeds on November 26th, 2007 with comments disabled.
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