Whenever you are there are many different types of reverse mortgage loans, very opposite mortgage loans now was HECMs-the getting a loan in Gordon sole opposite mortgages insured of the Government Housing Management (FHA).
What is a house Collateral Sales Financial (HECM)?
Property Guarantee Conversion process Home loan (or HECM, aren’t entitled a contrary financial) is actually a home-safeguarded financing, specifically designed to have residents 62 and you can old, enabling the newest borrower to convert a fraction of their residence guarantee on bucks and you will put off fees up to another day.
Read moreDomestic Security Conversion process Financial (HECM) Loan: What you need to Learn