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.
With a Reverse Mortgage, the borrowers continue to live in and own their home. Unlike a traditional home equity loan or second mortgage, no monthly payments of the loan are required, as long as the borrowers comply with the terms of the mortgage loan. The homeowners remain responsible for keeping current with property taxes and hazard insurance and maintaining the condition of the home.
To learn more and to see if a reverse mortgage is right for you, contact us today and set up a free no-obligation analysis with one of our licensed specialists!