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You can never owe more than what your house is worth, and you cannot lose your home?
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HECM stands for Home Conversion Equity Mortgage?
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Both spouses on title must be 62 or older to qualify for a reverse mortgage?
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The FHA
HECM Reverse Mortgage Loan Limits have recently
been raised to $417,000 nationwide.
This change just signed into law now offers
many more senior homeowners around the U.S.
the opportunity to access more equity in
their homes with a reverse mortgage.
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With a
reverse mortgage, you have the freedom and flexibility to use the money
from your home in any manner you see fit ... there are no restrictions
on how you may use the funds you receive from your reverse mortgage.
Experience indicates that people use the funds for a variety of reasons
including:
Healthcare and prescription drug costs
Home remodeling
or repair
Supplemental
income for everyday living expenses
Assisting
grandchildren with education expenses
Estate and
financial planning
Long-term
care insurance
Buying a
new car or taking a vacation
… or anything
else you decide you want to use it for!
You also
have flexibility in HOW you receive your reverse
mortgage money.
As a growing line
of credit that the homeowners decide when
and how
much to use
A regular monthly cash advance for a fixed
term or for life of the owners
A single lump sum of cash for the full eligible
amount
Or as a combination of the above payment
methods
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