Contrary mortgage loans and you may domestic collateral sales mortgage loans (HECMs) are loans having seniors. Retirees will utilize them in order to enhance other income, for example Public Safeguards. Contrary mortgages is actually a general financing classification, and you will HECMs try a particular mortgage form of within this you to definitely category.
What exactly is an other Mortgage?
A contrary financial was a loan to possess home owners who happen to be 55 or elderly. Continue lendo “Domestic Security Sales Financial vs. Opposite Mortgage”