Abstract:
In this paper we will discuss about the reverse mortgage in New Mexico. New Mexico Aging and Long-Term Services Department operate the reverse mortgage programs in the state.
In New Mexico, reverse mortgage program had been started in 1960. It was given to the senior citizens to hide a portion of the equity in their home into tax-free income.
The reverse mortgage loan is given to the senior citizens only. Many mortgage companies and reverse mortgage agencies offer reverse mortgage loan to the seniors.
A reverse mortgage is not a traditional home equity loan or the secondary mortgage, where a lump sum is offered and then asked to repay it over the time.
New Mexico Aging and Long-Term Services Department look after the reverse mortgage programs in the state.
In New Mexico, the candidate, that is, the borrowers, first meet with an independent reverse mortgage advisor before going for the program.
These counselors educate the borrowers about the reverse mortgage options and alternatives and will assist in choosing the best options.