November 29, 2016

Reverse Mortgages

 

reverse_mortgageA reverse mortgage or a Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is a Federal Housing Administration (FHA) insured loan.  A HECM enables seniors to access a portion of their home’s equity to obtain tax free funds without having to make monthly mortgage payments as long as they live in the home as their primary residence, continue to pay required property taxes, homeowners insurance and maintain the home according to FHA requirements.