Home Equity Conversion Mortgage (HECM)
Some seniors may find themselves with a limited income that keeps them from being able to make all their payments for everyday living. Instead of losing their home, a reverse mortgage is an option to can help cover their expenses.
What are the benefits of a reverse mortgage?
- Allows borrowers to take equity out of their home without having to sell or make payments on it.
- Makes it easier to cover everyday expenses.
- Must be 62 years of age or older.
- The reverse mortgage is paid after the home is sold or when the borrower dies or moves out.
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