What is a reverse mortgage
A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. FHA’s HECM provides these benefits. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.
Some of the highlights are:
- Tax free dollars that can be used for any purpose.
- You retain the Title to your Home.
- You can sell your Home at Anytime.
- You can receive the Cash in Monthly Payments, A Lump Sum, A Line of Credit, or a Combination of the above.
- Social Security and Medicare are not affected.
- There are No Income, Credit or Health Qualifications.
You can learn more about reverse mortgages by calling 1-877-311-7383 or by visiting the HUD website on reverse mortgages.
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