Reverse mortgages, also known as Home Equity Conversion Mortgages (HECM) are becoming increasingly popular in America. The U.S. Department of Housing and Urban development (HUD) created one of the first forms of HECM's HUD's reverse mortgage is a federally-insured private loan, and it is a safe plan that can give older Americans greater finacial security.
If you are 62 years of age or older and have equity in your home, a reverse mortgage can turn that equity into cash. You can receive your money as a lump sum, monthly payments, line of credit or any combination of these choices. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements and more. Since your home is probably your largest single investment, it's smart to know more about reverse mortgages and decide if one is right for you.
End of Part 2
Posted by Ted Cantu on March 29, 2008 - for more information visit us at http://www.kayereverse.com