Federally-insured reverse mortgage loans, or Home Equity Conversion Mortgages (HECMs), are those insured by the U.S. Department of Housing and Urban Development (HUD). According to statistics released by HUD in May 2010, over 90% of all reverse mortgage loans are HECMs. At this time, consumers who want a federally-insured reverse mortgage have two main options: the HECM Standard and the HECM Saver. The Saver was designed to be more affordable, while the Standard allows borrowers to withdraw more equity. A reverse mortgage, plus accumulated interest, does finally have to get paid back. Repayment of a CA reverse mortgage happens when the last owner of the assets named on the loan either dies, sells the home, or permanently moves out of the home. Before then, there is no need to be pay anything on the loan. Some seniors are finding it difficult to maintain a lifestyle they have grown adapted; especially with the increasing life expectancy. Some have adopted to reverse home mortgages to help them fund their retirement years. With a reverse mortgage, you can select to receive monthly payments from a bank. In many cases, this funds work as a second mode of income. Seniors reverse mortgages work by making use of the equity in your home. You can choose to utilize the equity in the house by receiving a lump sum or monthly payments. Unlike traditional home loan, in a reverse mortgage, the bank pays you. Of course, as you can receive payments, the equity in your home decreases. For people using a reverse mortgage, the funds they get can be used as a second income. There is no limitation on the different ways you can use the money. Also, by getting a reverse mortgage you avoid having to spend your cash in making monthly payments which in turn increase your cash flow. You can save the money you avoid paying to the bank and use it as an insurance policy. Everything Photography ~ Anything Photo & Image Related <a href=http://productsindevelopment.com>reverse mortgage loans</a> The primary difference in the LIBOR is simply the lower variable rate of interest and the increased payout choices, the MIP fees are the same on the LIBOR as above for both the standard and Saver Fixed products. An adjustable mortgage loan pays more and pays the borrower out in three different ways. Either as a monthly payment, as a lump sum or as a line of credit. It costs less, provides more flexibility and offers better long tem benefits. Myth 4: