A reverse mortgage, or HECM (Home Equity Conversion Mortgage), is a loan that enables homeowners, who are at least 62 years old, to convert some of their home equity into cash. A HECM can also be used to finance a home purchase.
Unlike a traditional loan, no monthly mortgage payments are required with a HECM reverse mortgage. Borrowers are only responsible for paying property taxes, home insurance, and maintaining the home. Reverse mortgage borrowers continue to live in and own the home for as they comply with all of the loan terms.
Reverse Loans USA is the reverse mortgage division of Nationwide Equities Corporation and one of the Top Ten HECM Lenders in the industry. At Reverse Loans USA, our mission is to help seniors and their families gain an understanding of this most useful Government-Insured mortgage product.
Since joining the reverse business in 2010, our team has helped thousands of homeowners across the country safely access the equity in their homes. Call today to speak with a loan officer in one of our 31 licensed states.