When might a reverse mortgage be a suitable financial tool?

Talk to one of our reverse mortgage advisors. They will help you understand how much you can expect to get and answer any questions you may have. A reverse mortgage loan is a type of home equity loan that is designed to enable senior homeowners to receive income for the equity in their homes. How does a reverse mortgage impact my home equity? Unlike a traditional mortgage, you do not have to make monthly mortgage payments. Loan proceeds are advanced ... Reverse mortgages allow older people to immediately access the equity they have built up in their homes, and defer payment of the loan until they die, sell, or ... The loan amount may be used by the Senior Citizen borrower for varied purposes including up-gradation/ renovation of residential property, medical exigencies, ... What Is A Reverse Mortgage ... A Home Equity Conversion Mortgage, (HECM), commonly known as a reverse mortgage loan, is a Federal Housing Administration (FHA) ... A reverse mortgage is a home loan that you do not have to pay back for as long as you live in your home. It can be paid to you in one lump sum. Federal regulations and North Carolina law require reverse mortgage loan applicants to receive reverse mortgage counseling from an approved counseling agency. "Reverse mortgage loan" means a loan: (1) made to a borrower wherein the committed principal amount is paid to the borrower in equal or unequal installments. A HECM reverse mortgage is insured by the Federal Housing Administration (FHA). It allows homeowners to convert their home equity into cash without selling or ...