If you have ever done research about the reverse mortgage program you will see that a reverse mortgage is often referred to as a HECM (pronounced HECK-um). The Home Equity Conversion Mortgage or HECM is another way of saving a reverse mortgage.
This week’s Tune In Tuesday comes from Venus Green. She answers this common question of what does HECM mean? Check it out!
If the video about does not play, you can visit youtube.com to view the video and check out other One Reverse Mortgage videos.
A reverse mortgage is for homeowners 62 and older. It pays off your current mortgage (if you have one) and then allows any of the remaining tax-free money to be used for anything. The only requirements are that the home must be your primary residence, you must be at least 62 years old, and you must have sufficient equity in your home.
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