What Is a Reverse Mortgage?
Before applying for a reverse mortgage, it is important to understand, what a reverse mortgage is. A reverse mortgage is a special type of loan for homeowners (62 years or older). It is Home Equity Conversion Mortgage (HECM) that does not require monthly payments. The borrowers are still responsible for the property taxes, and insurance premium.
Before applying for a reverse mortgage, it is important to understand, what a reverse mortgage is. A reverse mortgage is a special type of loan for homeowners (62 years or older). It is Home Equity Conversion Mortgage (HECM) that does not require monthly payments. The borrowers are still responsible for the property taxes, and insurance premium.
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Before applying for a reverse mortgage, it is important to understand,<br />
what a reverse mortgage is. A reverse mortgage is a special type of<br />
loan for homeowners (62 years or older). It is Home Equity<br />
Conversion <strong>Mortgage</strong> (HECM) that does not require monthly<br />
payments. The borrowers are still responsible for the property taxes,<br />
and insurance premium.<br />
ZRevese<strong>Mortgage</strong>.com
It is a loan available to the older<br />
homeowners, which allows them to convert<br />
part of the equity in their homes into cash.<br />
This helps the retirees to accumulate their<br />
basic monthly income and health care.<br />
<strong>What</strong> is a <strong>Reverse</strong> <strong>Mortgage</strong>?<br />
It’s known as a reverse mortgage<br />
because the lender pays the monthly<br />
payments to the homeowner rather than<br />
a borrower pays the monthly payments<br />
to the lender unlike a forward mortgage.<br />
That’s why it is a reverse mortgage.<br />
ZRevese<strong>Mortgage</strong>.com
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