Researching a reverse mortgage is an educational project and it can become confusing. That is why we have tried to explain everything in plain language so it is easy to understand. We will put you in touch with one of our qualified, competent and experienced HECM Reverse Mortgage Specialists when you ask for more information about reverse mortgages and choose to be contacted further.
A Home Equity Conversion Mortgage (HECM, pronounced hek-um) allows you to take the equity in your home and turn in into tax-free income. You are not required to make any monthly mortgage payments as long as you live in the home. A HECM is commonly called a reverse mortgage.
Introduced in the late 1980s, reverse mortgages can help homeowners who are “house-rich but cash-poor.” It allows seniors age 62 and older to remain in their homes and still meet their financial obligations. The proceeds of the loan are tax-free; there are no income requirements and the money can be used for any purpose.
The reverse mortgage is aptly named because the payment stream is “reversed.” Instead of making monthly payments to a lender, as with a regular ‘forward’ mortgage, the lender makes payments to you.
While a reverse mortgage loan is outstanding, you continue to own the home and hold title to it. You will NEVER give up the ownership in your home! The money from a reverse mortgage can provide you with financial security.
Be sure to click on the fields in the column over to the right, for more information and links.
ReverseMortgagesExplained.com is here to educate. We are here to give you the information you need to learn about reverse mortgages – it is that simple.
Education is a key component of deciding if a reverse mortgage is a good fit for you – or not. We go to great lengths to educate our clients in order to help them make an informed decision.
FHA/HUD-Approved direct lender. Click here: About FB for more information about who we are.
FirstBank is a TN based depository Savings and Loan, NMLS # 472433
FDIC Insured, Equal Housing Lender
Member of the National Care Planning Council
Member of NRMLA (National Reverse Mortgage Lenders Association)