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Geared towards homeowners, the Home Equity Conversion Mortgage (HECM), or reverse mortgage, caters to those aged 62 and older. An FHA reverse mortgage enables the transformation of home equity into income or a line of credit. Eligible borrowers with accumulated home equity can access funds based on their property's value, offering an avenue for additional income during retirement. Notably, a reverse mortgage alleviates the burden of mandatory monthly loan payments for the debtor. | |
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