Reverse Mortgages (HECM)

There can be so much conflicting information surrounding Reverse Mortgages that you may suffer from information overload

Here are some facts about a Reverse Mortgage or HECM (Home Equity Conversion Mortgage)

Did you know?

You retain full ownership and title of your property.
So long as one borrower occupies and maintains the home, and complies with the terms of the loan, you cannot be required to leave or sell the home. Borrowers must maintain the property and remain current on property taxes, homeowner’s insurance, and HOA dues.
You will not owe more than the value of the home at the time the reverse mortgage is repaid. Reverse Mortgages are considered non-recourse loans and are secured by the property. Because of this, you cannot leave yourself or your family in debt. In the event borrowers or their heirs are unable to repay the mortgage balance, the mortgage insurance premium covers the difference.
Proceeds from a reverse mortgage are not taxable
A reverse mortgage can be used to pay off an existing mortgage balance on your current home or used in the purchase of a new home that might better suit your needs.