What is a Reverse Mortgage?
A reverse mortgage or Home Equity Conversion Mortgage (HECM) is a way to borrow cash from the unused equity available in your home. A reverse mortgage does not require repayment of the loan until the homeowners listed on the title are no longer in the home. You can use the cash from a reverse mortgage for almost anything including paying off your existing mortgage, eliminating other financial debt, medical expenses, or even just to maintain a quality retirement. A reverse mortgage is a government insured loan, enabling seniors 62 and over the financial freedom to carry through retirement. You continue to own your home and there is no credit score or income requirements in qualifying. Find out how much you qualify for with the reverse mortgage calculator.