|
|
You can never owe more than what your house is worth, and you cannot lose your home?
more
» |
| |
 |
| |
HECM stands for Home Conversion Equity Mortgage?
more » |
| |
|
| |
Both spouses on title must be 62 or older to qualify for a reverse mortgage?
more » |
|
|
|
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.
|
| |
|
|
|
|
Our federal government created the Home Equity Conversion
Mortgage, or HECM Reverse Mortgage, to help homeowners
62 and older access their home equity as a means
to supplement their retirement income and gain greater
financial independence.
A
reverse mortgage is a loan against your home that
you do not have to pay back for as long as you live
in the home. It can help turn the equity of your
home into cash without having to make monthly mortgage
payments; and can help you better manage your financial
future.
Rather than making a monthly mortgage payment, you
actually receive funds from the lender based on
the loan terms that you select. Perhaps best of
all, a reverse mortgage allows you to still own
your home throughout the entire term of the loan.
|
|
