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Get The Factsabout ReverseMortgages(HEC M) Learn More.pdf

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Summary

Americans aged 62 and older have $6.2 trillion in home equity, which can be used to support financial costs and goals through a Home Equity Conversion Mortgage (HECM). HECMs can help seniors supplement monthly living expenses, continue living in their home, fund repairs, buy a new home, and build a "rainy day fund" for future healthcare costs. Seniors are living longer, facing challenges in extending retirement savings, with average savings of $148,000 for households aged 65-74. HECMs can provide a financial nest egg, with a lender paying a percentage of equity, usually non-taxable and not affecting Social Security or Medicare benefits. To be eligible for a HECM, borrowers must be 62 or older, have 50% or greater equity in their home, pay ongoing property charges, live in the home, maintain it, and receive HECM counseling.

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Description

Americans aged 62 and older have $6.2 trillion in home equity, which can be used to support financial costs and goals through a Home Equity Conversion Mortgage...

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  • File Format: PDF
  • File Size: 453 KB
  • Pages: 18
  • Language: EN
  • Total Downloads: 39
  • Last Updated: 1 month ago

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