Reverse mortgages are the most misunderstood loan program in the market today. The FHA insured reverse mortgage, called the Home Equity Conversion Mortgage (HECM), is by far the most popular reverse mortgage.
Today, I want to shed some light on the HECM by answering a few of the most frequently asked questions about reverse mortgages.
What exactly is a HECM reverse mortgage?
HECM stands for home equity conversion mortgage and is the FHA (Federal Housing Authority), insured reverse mortgage program. It is specifically designed for homeowners age 62 and above, that allows you to convert a portion of the value of your home into tax-free money*, without having to sell the home, give up title or obligate yourself to a monthly mortgage payment. Read more on this article: http://bit.ly/2qhua3v
