Understanding Reverse Mortgage Loans
A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a special type of home loan for homeowners who are 62 and older. It allows you to borrow against the equity in your home and use the proceeds of the loan to pay off your existing mortgage. This ultimately frees you from having to make a monthly mortgage payment, though you’re still required to pay your property taxes, homeowners insurance and home maintenance costs.
One of the requirements for receiving this type of mortgage is one-on-one reverse mortgage counseling. NFCC Certified Housing Specialists provide these sessions so you have all the information you need to steer clear of predatory lending practices and make an informed decision that suits your needs.
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