Puerto Rico Reverse Mortgages
A Reverse Mortgage Lender in Puerto Rico can now offer reverse mortgages directly to the public. Qualifications for Puerto Rican residents are based on property value, age of the borrower and property type.
Retirees all across Puerto Rico are now using reverse mortgages as their financial tool to retire the way they had once imagined. Contact a Reverse Mortgage Lender Puerto Rico and discover why so many seniors are taking advantage of reverse mortgages for their retirement.
Reverse mortgages have been available in Puerto Rico for a long time, however, they didn’t become well-known and safe until the year 1988. The Home Equity Conversion Mortgage became mainstream to Puerto Rico residents soon after its introduction. Shortly after, U.S Congress signed the FHA insurance program into law in 1989. The HECM, also known as the Home Equity Conversion Mortgage, allows seniors living in Puerto Rico to tap directly into their properties equity and establish either a credit line, or receive a lump sum of cash.