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Considering a reverse mortgage? Read this first

Mediafeed Logo By Denny Ceizyk of Mediafeed | Slide 1 of 12: A reverse mortgage allows homeowners age 62 or older to tap equity without making a mortgage payment on the amount they borrow. However, the most popular reverse mortgage program, the Home Equity Conversion Mortgage (HECM), comes with some drawbacks worth considering. Understanding reverse mortgage pitfalls and how to avoid them can help you decide if a HECM loan is the best option for your financial needs.

A reverse mortgage allows homeowners age 62 or older to tap equity without making a mortgage payment on the amount they borrow. However, the most popular reverse mortgage program, the Home Equity Conversion Mortgage (HECM), comes with some drawbacks worth considering. Understanding reverse mortgage pitfalls and how to avoid them can help you decide if a HECM loan is the best option for your financial needs.

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