Reverse Mortgage

 

Reverse Mortgage

Keeping up with finances in this fast-paced era is no easy task. It is especially difficult if you’ve retired and are trying to survive on a very strict budget. Under such circumstances, even a little bit of help can go a long way. A reverse mortgage is one option that can ease your financial stress and help you stay afloat. Most senior citizens remain unaware of this opportunity, but Pastor Tommie Harsley emphasizes that if used correctly, this facility can significantly help lower your burden.

Reverse Mortgage

What Is a Reverse Mortgage?

A reverse mortgage is a loan that allows senior citizens to borrow against the equity in their home, allowing them to receive funds as a lump sum, fixed monthly payment, or line of credit. The loan does not have to be repaid until the borrower dies, sells the property, or permanently moves out of the home. There are several types of reverse mortgages, but the most common is the Home Equity Conversion Mortgage (HECM) –  insured by the Federal Housing Administration (FHA). Read more.

Location: United States

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