Reverse Mortgages Explained: HECM Basics in Plain English
from Reverse Mortgages Podcast
What is a reverse mortgage, and how does it actually work? In this first episode, Maya and Ray break down the basics in plain English: how homeowners 62 and older can turn part of their home equity into cash, and the choice of a lump sum, monthly payments, or a line of credit. We cover why you keep the title to your home, why the loan balance grows over time as interest and fees are added, what that can mean for your heirs, and what you are still responsible for: property taxes, homeowners insurance, upkeep, and living in the home. We also explain when the loan comes due, the options heirs generally have, and why the best next step is talking with an approved housing counselor and bringing your family into the conversation. This episode is educational only and is not financial advice. Borrower must pay property taxes, insurance and upkeep. Loan becomes due when the home is sold or no longer the primary residence. Not a government agency.
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What is a reverse mortgage, and how does it actually work? In this first episode, Maya and Ray break down the basics in plain English: how homeowners 62 and older can turn part of their home equity into cash, and the choice of a lump sum, monthly payments, or a line of credit. We cover why you keep the title to your home, why the loan balance grows over time as interest and fees are added, what that can mean for your heirs, and what you are still responsible for: property taxes, homeowners i...
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