A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), is a government-regulated loan for seniors aged 62 and older that allows them to access equity in their home without making monthly payments. Borrowers retain title to their home and are not required to make payments as long as they live in the home. The loan is repaid when the last surviving homeowner no longer lives in the property. Borrowers can receive funds as a lump sum, line of credit, monthly payments, or a combination. There are no restrictions on how borrowers use the funds and the loan does not affect Social Security benefits.
2. What is a H.E.C.M. Reverse Mortgage? A H.E.C.M. Reverse Mortgage is a government regulated loan designed for seniors 62 and older that allows seniors to tap into the equity that has built up in their homes without the worry of making monthly payments. They keep title to their home just as with any mortgage.
