Moving Forward with a Reverse Mortgage
A multitude of seniors, having paid off their mortgages many years ago, currently own their homes free and clear of any debt. Some are fortunate, and they have a nest egg that, along with their income (Social Security/pension), allows them to maintain their home and provide for themselves without diffi-culty. Some are not so fortunate, and although they own their home, they do not have adequate sources of income and other assets to main-tain the home as well as provide for their care needs.
When a senior is unable to afford his or her home, but has some over-whelming reason to remain there, instead of selling or downsizing, a reverse mortgage, also known as a home equity conversion mortgage (HECM), can provide access to the equity in the home without the tra-ditional monthly payments associat-ed with a mortgage.
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by: Gina M. Barry