HECM (Reverse Mortgage)
The reverse mortgage is used by senior homeowners age 62 and older to convert the equity in their home into streams of income and/or a line of credit to be repaid when they can no longer occupy the home. A lending institution such as a mortgage lender, bank, credit union, or savings and loan association funds the FHA insured loan, commonly known as HECM. Reverse mortgages have grown in popularity in recent years and Southwest Funding retail mortgage branch offices have helped serve this demographic with the companies numerous reverse mortgage options.
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