Jun 01 2011
Benefit From a Reverse Mortgage
What is a reverse mortgage? ”
Also known as Home Equity Conversion Mortgage (HECM) a reverse mortgage is a popular way older owners (62 +) can convert a portion of equity in their homes into tax-free income without selling the house, stop the title, or take a new monthly mortgage payment.
Before explaining a reverse mortgages, let’s review the features of a mortgage default:
With a standard loan or mortgage, the income stream is used to “qualify” the mortgage or loan. The lender will want to see that you have sufficient cash flow to work and other sources of income to make payments.