What is a reverse mortgage

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MariaDugger
Published on Nov 23, 2023
https://texasfha.org/reverse-mortgage/

A Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, is a financial tool tailored for homeowners. Geared towards individuals aged 62 and older, an FHA reverse mortgage facilitates the transformation of home equity into income or a line of credit. Homeowners with accrued equity can borrow funds based on their property's value. This innovative option enables retirees to tap into home equity for supplementary income without the obligation of monthly loan payments.

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