When it comes to investments, in the most general cases, buying a home in which to live and bring up a family happens to be the largest investment anyone could make. However, what most families do not understand, is the process through which they could make money to fund their retirement just through their investment.
A Home Equity Conversion Mortgage, more commonly known as a government-insured reverse mortgage is a beneficial way for seniors to gain extra cash for their retirement. This program also helps home owners to eliminate the monthly mortgage payments. For one to enjoy the home equity advantage there are several criteria’s that need to be fulfill. The general qualifications are that you should either own a home outright or have considerable amount of your mortgage already paid up to be eligible for this loan.