 |
 |
This web site is dedicated to explain how a reverse mortgage works and to help you make an informed decision about
your financial future. Over 150,000 older Americans have benefited from reverse mortgages. A reverse mortgage can be a
very useful tool in any well-balanced retirement plan. By converting equity into income, a reverse mortgage is a way to stay in
your home and receive cash to use for any purpose – whether it is medical expenses, an extended vacation, another type
of investment, or any other expense. If you plan to live in your home into the foreseeable future and would like to stop
paying your monthly mortgage payment then this product may be right for you. Homeowners that own their home free and clear will have more proceeds available at closing to spend as they wish.
The Home Equity Conversion Mortgage (HECM) is the oldest and most popular reverse mortgage product, accounting for 90-plus percent
of the total market. Available since 1989, HECMs are insured by the federal government through the Federal Housing Administration
(FHA), a part of the U.S. Department of Housing and Urban Development. Since FHA insures every HECM, you will never owe more than
the value of your home. With the addition of mortgage insurance, reverse mortgages have evolved from the unstructured bank loans of
the past into a regulated, tax-free financial solution. The information found within this web site generally refers to the HECM product
because Fairfield Mortgage’s reverse mortgage business is 95% or more HECMs. We encourage you to read more about our products in order
to make a financially sound decision.
|
 |
|
February 10, 2008
|
|
Fairfield Mortgage is pleased to announce that we are able to offer reverse mortgages in all 50 states and the Caribbean.
|
|
|
|
|
|
