No Matter which option you choose you will never have a mortgage payment again!
A HECM or reverse mortgage is a low-interest loan regulated by the federal government that allows senior homeowners to convert a portion of the value of their home into tax-free cash.
To be eligible for a HECM Loan, you must be 62 years of age or older. If a couple is seeking the loan, both of them must meet the age requirement. The subject property must be your principal residence.
Your homeowner’s insurance and property taxes must be paid current. No repayment is due for as long as you occupy your home. No taxes are paid on the cash you receive from a reverse mortgage loan.