A reverse mortgage, or HECM (Home Equity Conversion Mortgage), is a loan that enables homeowners, who are at least 62 years old, to convert some of their home equity into cash. A HECM can also be used to finance a home purchase. Unlike a traditional loan, no monthly mortgage payments are required with a HECM reverse mortgage.
Borrowers are only responsible for paying property taxes, home insurance, and maintaining the home. Reverse mortgage borrowers continue to live in and own the home for as they comply with all of the loan terms.
Borrowers are only responsible for paying property taxes, home insurance, and maintaining the home. Reverse mortgage borrowers continue to live in and own the home for as they comply with all of the loan terms.
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Reverse Loans USA is the Reverse Mortgage division of Nationwide Equities Corporation, one of the Top HECM Lenders in the country! Our mission is to help older Americans 62 and older with an exclusive loan program insured by the Federal Housing Administration (FHA). Our company opened its doors 22 years ago and has helped thousands of homeowners secure a more enjoyable retirement.
A reverse mortgage, or HECM (Home Equity Conversion Mortgage), is a loan that enables homeowners, who are at least 62 years old, to convert some of their home equity into cash. A HECM can also be used to finance a home purchase. With a Reverse Mortgage, the borrowers continue to live in and own their home.
You can begin your education by speaking with one of our licensed loan originators. They will review your current financial situation and help you decide if this product is the right move for you. Once you decide to move forward, you will be required to receive a third-party counseling from a HUD-approved agency.
A HECM is a commonly used acronym for a Home Equity Conversion Mortgage, which is a government-insured reverse mortgage. A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash. No. Reverse mortgage borrowers retain 100% ownership of the home.
PEW Research Center states that 75% of middle-aged adults feel responsible for providing financial assistance to an elderly parent in need. However, a reverse mortgage can take the financial burden off both the borrower and their family. The loan can help access funds to pay for medical bills, home improvements, in-home care, and other expenses for loved ones.
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