U.S. News & World Report: Could a Reverse Mortgage Save Your Retirement?
If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA's Home Equity Conversion Mortgage (HECM) program. The HECM is FHA's reverse mortgage program that enables you to withdraw a portion of your home's equity.
You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.
Close to a million homeowners could still benefit today, but sadly, many are unaware of this great program.
Remember, it's free to see if you qualify.
How Do I See If I Qualify?
Step 1: Click your state below to see if you qualify now: