A reverse mortgage is also known as a Home Equity Conversion Mortgage (HECM).
The program was created by the Federal Housing Administration (FHA) specifically to help homeowners, aged 62 years and older. A HECM can provide seniors the means to enjoy home ownership through retirement.
It may help reduce financial stress by using the equity from the home to eliminate monthly mortgage payments.
The funds from a reverse mortgage loan can help seniors supplement retirement income, pay off debt, pay for medical care and in-home services, make home improvements and repairs, or simply pay for daily living expenses.
Because there are many factors to consider before deciding if a reverse mortgage is right for you or your aging parents, it’s important to find an honest mortgage lender to help you fully understand the benefits and risks of this type of loan.
Downs Financial Reverse Mortgage Consultants advocate for you and take your financial needs into account to find the best path for your financial retirement objectives.
It’s time to take charge of your future and live your dream because this is your life.