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
Related categories
Real estate in Mahwah, NJ