Reverse Mortgage Guides is a reverse mortgage education site. It helps explain many of the pros and cons of HECM reverse mortgages for homeowners.
We publish articles and tools for seniors who are considering a reverse mortgage. Those who want to become fully educated before making a decision. We offer a reverse mortgage calculator and detailed reverse mortgage information.
What is a HECM reverse mortgage?
A reverse mortgage is a type of mortgage loan that the FHA (Federal Housing Administration) insures. This loan is available only to homeowners aged 62 or older.
It is different from all other types of mortgages. Because it is a loan that does not become due for as long as the homeowner lives in the property. But yet, they must maintain it, and pay property taxes and insurance.
According to a 2013 study by the National Council on Aging, reverse mortgages may help seniors to pay daily living expenses.1
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