A reverse mortgage or home equity conversion mortgage (HECM) is a type of home loan for older homeowners (62 years or older) that requires no monthly mortgage payments, only timely payment of property taxes and homeowner’s insurance premiums. The idea is to give older homeowners the opportunity to access the equity they have built up in their homes, allowing them to defer payment of the loan until the home is sold or they pass away.
Legacy Park Mortgage has ample experience assisting homeowners in making the critical decision of whether to apply for a reverse mortgage or HECM loan. We will work closely with you to find to determine whether a reverse mortgage or HECM is the right option for you, or whether there are better options for your based on your specific financial circumstances. For more information, email us at email@example.com or call us at (305) 901-1791.