What is a Reverse Mortgage?
A reverse mortgage, also known as Home Equity Conversion Loans (HECM) are loans designed to assist those that are 62 years of age, or older. A reverse mortgage helps these individuals tap into the equity they’ve built within their homes, and lets you convert a portion of the equity into cash. The borrower can get a reverse loan without having to sell your home, give up title, or obligate yourself to monthly payments. Keep in mind, this is not free money, because you are still charged interest throughout the years.