| Abstrakt: |
A home equity conversion mortgage (HECM), commonly known as a reverse mortgage, offers a Federal Housing Administration (FHA)-insured loan for homeowners aged 62 and older. This mortgage does not require monthly payments and proves vital for retirees who have a lot of equity in their home but struggle with inflation and/or cash-flow issues. The line of credit that makes up a portion of this mortgage increases monthly and can be used income tax free to pay for medical expenses, pay off credit card debt, make home renovations, or pay for in-home care, enabling seniors to comfortably age in place. [ABSTRACT FROM AUTHOR] |
