Reverse Mortgage
A reverse mortgage loan or HECM (Home Equity Conversion Mortgage) is like a traditional mortgage, which allows homeowners to borrow money using their home as security for the loan. Also like a traditional mortgage, when you take out a reverse mortgage loan, the title to your home remains in your name. However, unlike a traditional mortgage, with a reverse mortgage loan, you do not make monthly mortgage payments. Reverse mortgages are for seniors aged 62 and over. The loan is repaid when the borrower no longer lives in the home or sells the property. With a reverse mortgage loan, homeowners are required to pay property taxes and homeowners insurance, use the property as their principal residence and keep it in good condition. Reverse mortgages can seem complex, but MoneySafe Mortgage is here to explain and educate you on this product. This loan has changed many lives for the better. Call us today to find out how a reverse mortgage may be right for you.