Sentences with phrase «conversion mortgage line»
Not exact matches
A reverse mortgage, also called a home equity conversion mortgage (HECM), lets seniors who are at least 62 years old access the home equity from their primary residence in the form of a lump sum, a line of credit, a stream of monthly payments or some combination of these.
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Filed Under: Downey Tagged With: Downey, HECM, home equity conversion mortgage, line of credit, mortgage, reverse mortgage
If you're 62 or older, it might make sense to establish a line of credit using a reverse mortgage (under the federal home equity conversion mortgage program), says Shelley Giordano, principal of Longevity View Associates, a reverse mortgage consulting firm.
In this article, I show that the benefits of opening a home - equity conversion mortgage (HECM) line of credit extend beyond meeting spending needs.