The Overlooked Benefits of Reverse Mortgage Everyone Must Know

American seniors who own their homes during their retirement see them not just as houses but priceless possessions. The very structure that they call home can actually be a great source of wealth just waiting to be tapped.

Home Equity Conversion Mortgage

One reverse mortgage program that is popular with seniors is the Home Equity Conversion Mortgage or HECM.

This program is guaranteed by the Federal Housing Administration (FHA). It allows eligible senior homeowners to convert a part of their home equity into readily-usable money.

If you have been a responsible homeowner and borrower, the substantial amount home equity you have been all these years can now be put to good use. You can now use this to your advantage.

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What are the Benefits of Reverse Mortgage?


  • You Don’t Pay the Lender, The Lender Pays You

What sets a reverse mortgage program different from all the other loans in the market is its payment method.

In a standard mortgage loan, the lender provides you with the money which you can use to either purchase of a house or refinance an existing mortgage. To pay for the borrowed funds, you have to make monthly payments until the loan is paid in full.

Meanwhile, in a reverse mortgage, you do not pay the lender any amount. Instead, it is the lender who pays you. You can either be paid in a form of lump sum, a line of credit, monthly disbursement or a combination of these.


  • The Loan Does Not Become Due Unless the Property is Vacated

Another benefit of the reverse mortgage program is that it does not become due. You will not be required to pay the loan unless you move out of the house, less the property or die.

This does not mean that you are free from debt, however, you have a good amount of time to save up for it or grow your money so you won’t have to suffer once the bills come rolling in.

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  • You Get an HECM Counselling

An HECM counseling signals the start of the loan process. Do not worry, attending a counseling course does not oblige you to take the loan. As a matter of fact, it aims to help you determine if a reverse mortgage it truly right for you.

During the counseling, the senior is educated with everything there is to know about the HECM program. The counselor will talk the advantages and the disadvantages of having this loan, as well as the tax implications when taking this loan.

The counseling will help the senior decide whether or not a reverse mortgage is right for him/her. The HECM counseling is there to ensure that you make a well-informed decision.


  • You Have Total Control on Where and How to Use the Funds

There is no limit to where the funds can be used, it is at the borrower’s discretion.

The funds can cover emergency medical expenses, pay for your home’s utility, supplement existing funds for prescription drugs or even put up an investment account. You have total freedom to decide. It is best to use the funds to pay for something worthwhile or to invest it and earn more.

The reverse mortgage program presents a good opportunity for seniors to access readily-usable financing. Taking your time to study and do your research will help you find out if this loan is truly for you.

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