What is a reverse mortgage?

Posted by OscarNOW , , , , , , , , , , , , , 9:01 PM

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

Posted by OscarNOW on 9:01 PM. Filed under , , , , , , , , , , , , , . You can follow any responses to this entry through the RSS 2.0

1 comments for �What is a reverse mortgage?�

  1. Laraib
    January 10, 2021 at 10:59 AM

    Nice post. I was checking constantly this blog and I’m Extremely useful info specially the last part I care for such information a lot. I was seeking this certain info for a long time. Thank you and good luck.
    Mortgage Broker Leicester

   

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A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

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