A Reverse Mortgage (also known as an HECM, a Home Equity Conversion Mortgage) is a mortgage loan, insured by FHA and HUD, that enables homeowners over 62 to convert part of their home into tax free payments or draws without having to sell, give up the title or take on new mortgage payments.
Create cash flow by paying off existing mortgages and debt, Add to existing retirement income, Plan for future retirement, Create cash reserves for emergencies, Pay for health care, Pay for home improvements, and to Downsize and buy smaller homes.No mortgage payments are required as long as the homeowner occupies the home. The borrower must continue to pay taxes and insurance and otherwise comply with the loan terms.
This loan is attached only to the primary residence and is a non-recourse loan. Mortgage insurance provided by FHA/HUD is required on all FHA reverse mortgages. Mortgage insurance provides protection for the homeowner and their heirs by never having to pay back more the value of the home.
Create cash flow by paying off existing mortgages and debt, Add to existing retirement income, Plan for future retirement, Create cash reserves for emergencies, Pay for health care, Pay for home improvements, and to Downsize and buy smaller homes.No mortgage payments are required as long as the homeowner occupies the home. The borrower must continue to pay taxes and insurance and otherwise comply with the loan terms.
This loan is attached only to the primary residence and is a non-recourse loan. Mortgage insurance provided by FHA/HUD is required on all FHA reverse mortgages. Mortgage insurance provides protection for the homeowner and their heirs by never having to pay back more the value of the home.
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