For qualified seniors 62 and older, a reverse mortgage, the most common of which is the HECM (Home Equity Conversion Mortgage), is a way to turn a portion of the equity in your home into cash without having to make monthly mortgage payments. As long as all loan terms are met, the loan becomes repayable when the last borrower leaves the home. As part of the loan, the borrower is required to continu
e paying property taxes and insurance and maintain the home. According to the US Department of Housing and Urban Development, more than a million households across the nation are using a HECM reverse mortgage insured through the Federal Housing Administration (FHA) that enables seniors to help manage their ever-increasing living expenses.
-Benefits-
No monthly mortgage payments except for taxes, insurance, and maintenance
Growing line of credit (applies to unused funds)
Increased discretionary cash flow
Can sell YOUR home at any time
Does not require payment until last living borrower permanently leaves the home
Bridge the medicare gap
Increase your purchasing power
