A Reverse Mortgage is a mortgage in which a homeowner can borrow money against the value of their home. No repayment of the mortgage principal or interest is required until the home is sold or the borrower does not occupy the home as their primary residence for more than 12 months. The only monthly financial obligations the borrower is responsible for is the taxes, insurance and basic maintenance. Reverse Mortgages allow homeowners aged 62 or older to borrow up to $625,500 depending on several factors, such as the age of the borrower.
With a Home Equity Conversion Mortgage (or HECM) you can turn the equity of your house into cash without having to sell the property, move out of your home, or make monthly mortgage payments. If you are looking for another financial option for retirement, a Home Equity Conversion Mortgage may be just the thing for you.