A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash. The product was conceived as a means to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care.
Reverse mortgage solutions, also known as Home Equity Conversion Mortgages or HECMs, are available through FHA-approved lenders. When you take out a reverse mortgage, the lender makes payments to you, the homeowner, rather than the other way around. The loan is paid off when the home is sold.
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Over the past 30 years, the reverse mortgage industry has gone through an abundance of change. In fact, the reverse mortgage of today looks quite different from the Home Equity Conversion Mortgage.
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A reverse mortgage is kind of the opposite of that. You already own the house, the bank gives you the money up front, interest accrues every month, and the loan isn’t paid back until you pass away.
It’s a well-known norm in the reverse mortgage industry that product education is key to expanding the understanding of.
A reverse mortgage, or home equity conversion mortgage (HECM), is a special kind of loan that gives homeowners access to the equity in their home. These loans are usually given to older homeowners , allowing them to stop paying their monthly mortgage payments (if they haven’t already).
Reverse Mortgage Guides is a reverse mortgage educational website. Our goal is to help explain many of the pros and cons of a Home Equity Conversion Mortgage (HECM) for homeowners. We publish articles and tools for older Americans who are considering a reverse mortgage and want to become further educated before making a decision.
A reverse mortgage is a special type of home loan only for homeowners who are 62 and older. A reverse mortgage loan allows homeowners to borrow money using their home as security for the loan, just like a traditional mortgage. Unlike a traditional mortgage, with a reverse mortgage, borrowers dont make monthly mortgage payments.
A reverse mortgage is a type of loan that’s reserved for seniors age 62 and older, and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies.