Understanding Reverse Mortgages
3 Types of Reverse Mortgages: 1. Home equity conversion mortgages A home equity conversion mortgage or HECM (pronounced “heck ‘em”) is the only type of reverse mortgage that’s backed by the Federal Housing Authority. Available through FHA-approved lenders, HECM reverse mortgages are the most common type of reverse mortgages. HECM loans give borrowers the largest […]
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