Reverse Mortgages - How They Work

With basic living expenses slowly increasing mature Americans are often left wondering how they will supplement their current monthly income just to survive day-to-day. Fortunately, the US Department of Housing and Urban Development (HUD) and the Federal Housing Authority (FHA) created a program called the Home Equity Conversion Mortgage (HECM) or reverse mortgage. The program was designed to allow mature Americans, age 62 years and older, remain in their home and use their home as equity to provide them with the additional income they need per month.

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