What is a HECM Reverse Mortgage?

What is a HECM Reverse Mortgage?

Today I’m going to answer the question what is a reverse mortgage, and more specifically – What is a HECM Reverse Mortgage?

First of all, what is a reverse mortgage?

A reverse mortgage is simply any loan secured by a home where the payments are deferred to a later date.

So what is a HECM reverse mortgage? The HECM is the only reverse mortgage that’s backed by FHA, insured by FHA, and it’s designed for homeowners age 62 and older to access a portion of their home value either for cash or a growing line of credit while they continue to live in their home.

Give me a call if you have any questions about a reverse mortgage, I’d be happy to answer them.

There’s a lot of intricacies about them, we can talk about whether it’s the right choice for you.

 

FAQ:

Q: What is a reverse mortgage? 

A: Any loan secured by a home where the payments are deferred to a later date

Q:What is a HECM Reverse Mortgage?

A: The HECM is the only reverse mortgage that’s backed by FHA, insured by FHA, and it’s designed for homeowners age 62 and older to access a portion of their home value either for cash or a growing line of credit while they continue to live in their home.