At AMS and ARS we can explain how a reverse mortgage can be an advantage if you are at least 62 years old, some of the benefits are:
- A home equity conversion mortgage (HECM), is a loan that enables homeowners convert some of their home equity into cash.
- Cash that can be used for any purpose
- Reverse because instead of making monthly payments to a lender, the lender makes payments to the borrower
- The loan is due when the home is sold or otherwise vacated