Have you been considering a HECM Reverse Mortgage for either yourself or your elderly parents? Now more than ever you should consider taking advantage of everything that a HECM Reverse Mortgage has to offer.
The quick run through: Reverse mortgages are sold to people 62 and older. They are loans against the equity in your house. You can take this tax-free money in a lump sum or in periodic installments from a credit line, which gives you more cash to live off of. In addition, you don't have to worry about credit checks or monthly payments. When your house is eventually sold, the loan, plus accumulated interest, is repaid out of the proceeds. Anything left over goes to you or your heirs. If the house sells for less than the money owed, the Federal Housing Administration, which insures most loans today, swallows the loss.
Try out a HECM Reverse Mortgages Calculator now!
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