A reverse mortgage, also known as a home equity conversion loan (HECM), is a tool designed to help eligible homeowners 62 years and older to access the equity in their homes. Many older homeowners are surprised to learn how valuable a tool it can be for income generation. In some cases, a reverse mortgage can also be used to purchase a home; this is what is known as a reverse purchase.
There are many myths surrounding reverse mortgage; for that reason, we encourage you to contact us with your questions. If you are 62 years or older, have equity in your home and are interested in learning more about reverse mortgage, please contact us with your questions. We will be happy to help you.