A Home Equity Conversion Mortgage (a reverse mortgage sometimes referred to as HECM) is often considered an avenue for high-equity homeowners to supplement retirement income without selling the home. However, the flexibility of a HECM can also offer funding to make critical improvements or cost-saving upgrades to the home.
Learn how older Americans can relocate, downsize, or upsize to a new primary residence, by investing as little as 25%-50%, AND have NO monthly mortgage principal and interest mortgage payments* over the life time of the loan.
*must maintain property as primary residence and keep property taxes, insurance and HOA dues current
If you or a family member is considering a Home Equity Conversion Mortgage, or HECM (also known as a reverse mortgage), you probably know that age is important; after all, FHA requires that borrowers be 62 years old to qualify.
But there are other reasons age matters,
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