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A home equity conversion mortgage HECM is a reverse mortgage thats backed by the federal government. If youre 62 years old or older you can potentially qualify for a Reverse Mortgage to borrow money against the equity youve built in your existing. Department of Housing and Urban Development.
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Web There are three major types of reverse mortgage loans. Web A reverse mortgage is a loan that allows qualified homeowners who are age 62 or older to take part of their homes equity as cash either as a line of credit or monthly or lump sum. AAG is Americas 1 Reverse Mortgage Provider Has Educated Over 1 Million Retirees.
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