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Reverse Mortgages

Posted April 10, 2014

In a Reverse Mortgage, also known as a Home Equity Conversion Mortgage, a homeowner can borrow against the equity in his house. The money can be taken out in a lump sum, monthly payments or as a line of credit. Unlike Home Equity Loans (HELOC) where the borrower makes monthly payments to repay the loan, he receives cash from the lender. HECMs are loans, hence must be used wisely. One way to get in trouble is to pull out all the equity in your house, use it up and not have enough money to pay for the maintenance of the home, for HOA fees, for the insurance and property taxes. As in any major financial decision, be it an investment, an acquisition or a loan, get all the information you can and do discuss this option with your accountant & financial advisor. Visit www.ReverseNOVA.com for details on the process of obtaining a Reverse Mortgage. Feel free to call/text Robin at (520) 440- 4387 or email her at Robin.Loomis@NovaHomeLoans.com.



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