REALTORS: Learn about Home Equity Conversion Mortgages
As buyer agents it is our job to understand the needs of our buyers, including those who are considering a move during retirement. Reverse mortgages are not just for refinancing, they also make sense for some buyers who are considering moving during their retirement years. Watch the recording of this informative webinar and learn more about the Home Equity Conversion Mortgage.
A HECM, or “Reverse” Mortgage is a loan that allows homeowners aged 62 or older to convert a portion of their home equity into cash, without paying any income tax. “HECM” simply stands for Home Equity Conversion Mortgage. Although there are other types of reverse mortgages, the majority are HECM’s and are available through an FHA-approved lender.