![]() It’s a type of home loan exclusively provided for homeowners aged 62 years old and above. The most common reverse mortgage taken by consumers is a Home Equity Conversion Mortgage (HECM). Proceeds used to pay a reverse mortgage come from the home sale when you move or when the home is sold after your death. Though you may take it as a regular monthly payment, lump sum, or line of credit, it’s considered a loan which is eventually paid back. These are regarded as loan advances to borrowers instead of regular income.
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