"A Home Equity Conversion Mortgage (HECM) is the most popular form of a reverse mortgage. Insured by the Federal Housing Administration (FHA), it allows cash-strapped seniors over the age of 62 to convert a portion of their home equity into cash, equal payments stretched out over a period of years, or a home equity line of credit, to use when the need arises."
"There are plusses and minuses to taking out a reverse mortgage. On the plus side, your inlaws can pay off their debt, keep ownership of the property and never have to make a loan payment. They can stay in the property until the last of the owners dies, sells the home or no longer lives there full-time. At that point, the reverse"
A Home Equity Conversion Mortgage (HECM) is the most popular form of a reverse mortgage. It is insured by the Federal Housing Administration (FHA). It allows seniors age 62 and older to convert a portion of their home equity into cash, receive equal payments spread over years, or access a home equity line of credit for future needs. There are plusses and minuses to taking out a reverse mortgage. On the plus side, borrowers can pay off debts, retain ownership of the property, and never make monthly loan payments. Borrowers may remain in the home until the last owner dies, sells the property, or no longer lives there full-time.
Read at Slate Magazine
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