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by the Department of Corporations under the California Residential Mortgage
Lending Act. | © Copyright 2009 eloanhero.com All Rights Reserved
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Benefits of a Reverse Mortgage:
Officially it is called a Home Equity Conversion Mortgage or “HECM” for short. This is a unique loan designed for seniors 62 years of age and older. It allows you to get equity out of your home to provide current income or any other goal you may have, without ever having to make a payment on the loan as long as you live in your home. If you live in your home until your death, your heirs will have the choice to payoff the loan or sell your home and keep any equity that is left. The mortgage company pays you, instead of you paying them!
Licensed
by the Department of Corporations under the California Residential Mortgage
Lending Act. | © Copyright 2009 eloanhero.com All Rights Reserved