A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA)1 and allow homeowners to convert their home equity into cash with no monthly mortgage payments. 2 After obtaining a reverse mortgage, borrowers must continue to pay property taxes and insurance and maintain the home according to FHA guidelines. Typically the loan does not become due as long as you live in the home as your primary residence and continue to meet all the loan obligations. Reverse mortgage loans are commonly used to pay for home renovations and daily living expenses. Homeowners who have an existing mortgage often use the reverse mortgage loan to pay off their existing mortgage and eliminate monthly mortgage payments.
Why It’s On the ResourceShark™ Directory
reverseeasy.com is featured on the ResourceShark™ directory because it is a great resource for those who are seeking reverse mortgage information. Reverse easy offers resources for those interested in learning more about reverse mortgages in the attempt to save money on their home mortgages With all the resources featured on their website you can learn about the different options available to you when considering a reverse mortgage. By filling out a form on their website, you can get fast help from mortgage expert who can direct you to a professional in your area who can begin to help you through the process.