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What Is a Home Equity Conversion Mortgage?
For many seniors, making your money stretch throughout your post-working life can be challenging. But if you own your house, you might have a ready-made solution in your home’s equity. By using a home equity conversion mortgage (HECM), a type of reverse mortgage that is insured by the Federal Housing...
Retirees, are you looking for an alternate source of cash flow?
In challenging times, homeowners should look at their options to supplement their retirement cash flow needs. Reverse mortgages are offering outside-the-box cash flow options for people that are 62 and older. Generating retirement cash flow has rarely been as challenging as it is right now, thanks to a combination of...
Reverse Mortgage for Purchase: Down Payment Explained
A major draw of the home equity conversion mortgage (HECM) for purchase is that it allows homebuyers age 62 or older to purchase a new principal residence using loan proceeds from a reverse mortgage. This home buying process is a bit different from purchasing a home with a traditional mortgage....
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