A Reverse Mortgage Could Save Your Home

Exclusive Summary About Reverse Mortgage by Steve Spicer and J Krohn

An FHA Home Equity Conversion Mortgage (HECM), also called a Reverse Mortgage, is a better way for the senior homeowner to borrow money. When qualified, a senior homeowner can use a Reverse Mortgage to borrow against the equity in his home to pay-off outstanding mortgages, credit cards, hospital bills and the like.

The unique feature of a Reverse Mortgage is that there are absolutely no monthly mortgage or loan payments to make on the loan.

Since an HECM Reverse Mortgage is also insured by the FHA, the government is insuring the bank against financial loss; the loan becomes a non-recourse loan against the homeowner.

Not only can a Reverse Mortgage be hedge against inflation, but a Reverse Mortgage can allow seniors to avoid high interest rates charged on many credit cards and loans from predatory mortgage lenders.

Reverse Mortgage Home Equity Loan - Why It Might Not Be Right For You

A reverse mortgage is a home equity loan that you do not repay as long as you live in the home. The reason it is called a reverse mortgage is because it is the opposite of a regular home equity loan where you reduce debt and build up equity.

In a reverse mortgage you reduce equity and build up debt. There are many big time issues that need to be explored before you sign on the dotted line for a reverse mortgage home equity loan.