What is Reverse Mortgage?
What is Reverse Mortgage? Is Reverse Mortgage for you?
Reverse Mortgage or HECM is available to people 62 years and older. In a traditional mortgage, you pay principal every month and thus you own more of the
property and owe less every month. In a reverse mortgage, the lender pays you principal every month, so you own less of the property and
owe more in loan every month, and the lender gets the house when you die.
If you need money and want to spend it all, and you know when you will die, this may be a good option for you.
Research Maniacs is not in favor of this way of living and thinking, because you don’t know when you will die!
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