REVERSE MORTGAGES - DID YOU KNOW?

In the past few years, there has been a lot of talk about Reverse Mortgages...so what is a Reverse Mortgage?

HECM - Home Equity Conversion Mortgage is what is commonly called a

Reverse Mortgage. 

A HECM is a non-recourse loan that enables homeowners 62 years of age or older

 to convert a portion of their homes equity into tax-free funds.

Did you know....

     Reverse Mortgages have been around since 1961.

     A Reverse Mortgage does not impact Social Security of Medicare benefits.

     You do not need to make monthly payments on your Reverse Mortgage.

     You do not give up title to your home on a Reverse Mortgage.

     You can only take a Reverse Mortgage on your primary residence.

     You can take the money from a Reverse Mortgage as a lump sum or a little at a time.

     You can use a Reverse Mortgage to purchase a home.

     You can use a Reverse Mortgage to pay off your current mortgage.

      Reverse Mortgages have both fixed-rate options and adjustable-rate options.

     The loan amount of a Reverse Mortgage depends partially on the age of the borrower.

     Reverse Mortgages can be refinanced.

        


Click here for a list of HUD approved Maine HECM lenders.
Click here for more frequently asked question & answers.