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New England Title & Escrow Services | Massachusetts Real Estate Attorney | Blog

New England Title | Massachusetts Real Estate Attorney | Blog

 

What you need to know about the New England real estate and lending market.

Reverse Mortgage: Benefits and Liabilities

December 14, 2017

The reverse mortgage loan – also known as the HECM (Home Equity Conversation Mortgage) loan – is a FHA-insured mortgage available to homeowners who have attained the age of 62 and have enough equity in their homes to support the mortgage. The loan size is determined by two primary factors: Equity in the home and age of the home owner. While there are other factors taken into consideration based on how the loan proceeds are paid out (lump-sum, line of credit or monthly disbursements), the application process cannot begin in the absence of sufficient equity or old-enough owner(s).

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