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What is a reverse mortgage?
By Jordan Merriwether
A reverse mortgage or "home equity conversion mortgage" (HECM) is a low-interest FHA loan that uses a home's equity as loan collateral and is only available to seniors over age 62. Many homeowners use this to help their retirement and some use them to cover unexpected costs. The loan amount is a portion of the home's value. The homeowners have no need to repay the loan until either they sell the home or they pass away. Then the estate has about 12 months to repay the balance of the reverse mortgage or sell the home off to pay the balance. All equity that is left is inherited by the estate. However, the estate is not responsible if the home sells for less than the balance of the reverse mortgage. |
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This intel was contributed by tq17749
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May, 2012
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