- Reverse Mortgages (HECM):
Reverse mortgages are for older borrowers over the age of 62 that have a significant amount of equity and would like to refinance and take cash out to subsidize their aging lifestyle but don’t want the burden of a monthly payment anymore.
Reverse mortgages allow for a convenient way for older borrowers to manage their finances through multiple options. You may receive your monies in either monthly installments, a lump sum, or a combination of the two.
Reverse Mortgages are not what the use to be, they are now even better:
· You retain the title to your home· No equity sharing(The lender does not take over your home)· Fees and Costs are federally regulated· Guaranteed access to your money· As long as you live in the home you never pay a single dollar· Your heirs still have multiple options