Reverse Mortgagesv

What is a Reverse Mortgage?

The most popular and safest Reverse Mortgage is called a Home Equity Conversion Mortgage (HECM). HECM reverse mortgages are not new! They have been changing the lives of senior homeowners since 1989. HECM reverse mortgages are federally insured, non-recourse loans that allow homeowners 62 years of age or older to convert some of their home equity into tax free cash (consult your tax advisor). The best part is that there are NO repayments to be made for as long as you live in your home. You are still responsible for keeping your property taxes and homeowners insurance current as well as keeping your home in good repair. Single family homes, FHA approved condos, townhomes, 2-4 unit homes, modular homes and manufactured homes that meet FHA guidelines are eligible as long as they are your primary residence. There are many misconceptions about reverse mortgages so do yourself a huge favor and talk to a reverse mortgage specialist to get accurate information