Why should I consider a Reverse Mortgage?

A reverse mortgage, also called a Home Equity Conversion Mortgage (HECM), uses the equity you already have in your home to re-finance and eliminate your mortgage payment; for as long as you (and your spouse) live in your home. It also lets you purchase a home by letting you access some of the homes value to never have a mortgage payment again. This loan requires one person to be a min of 62 years of age. It can create financial comfort and ease by eliminating the worry of home mortgage payments.

Home equity loans are where you use your house as collateral, therefore the amount of loan you receive is proportionate to the value of the house. You can find all about Home Equity Line of Credit from banks like Atlantic Union Bank, so that you are more informed about this form of loan, in order to make the right decision for you and your family’s financial future.

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