This is a great time for senior homeowners to take out a home equity conversion mortgage (HECM), especially if they don't need the extra money now! Sounds crazy? It isn't, so read on.
The federal HECM reverse mortgage program allows seniors 62 or older who own and occupy their homes to take out a mortgage against it. What makes it a "reverse mortgage" is that the amount owed tends to rise over time, whereas on a standard mortgage it tends to decline. Read more. http://www.inman.com/buyers-sellers/columnists/jackguttentag/understanding-hecm-loans-dual-interest-rates?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+inmannews+%28Inman+News+-+Headlines%29
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