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How Does A Hecm Loan Work

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While most traditional mortgages let borrowers access funds to purchase a home, one type of mortgage works in the exact opposite way. With a reverse mortgage, the homeowner withdraws a portion of.

A reverse mortgage is commonly known as a home equity conversion mortgage (hecm). It works by enabling the borrower to access equity in their property and use it to supplement retirement income. How a reverse mortgage loan works and who is eligible?