Reverse Mortgage Northwest – Reverse Mortgages Explained
Reverse Mortgage Northwest – 5 Tips
A reverse mortgage or Home Equity Conversion Mortgage (HECM) is a loan available to seniors over the age of 62. It allows them to convert home equity into cash or a line of credit with no monthly mortgage payments due as long as they live in the home. These loans were created to give seniors access to funds for expenses such as home improvements, unexpected medical costs, and in-home care by utilizing the accumulated equity in their homes. Ultimately, the goal of the reverse mortgage program is to keep seniors in their homes.