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The following are common uses of a Home Equity Conversion Mortgage (HECM) today, except:The following are common uses of a Home Equity Conversion Mortgage (HECM) today, except:
When government first created the reverse mortgage in 2010, there were minimal rules; if you were 62 and over and you lived in a home, you would qualify for the reverse mortgage. Homeowners, loan officers, and lenders abused the program. The following is true about what has changed in the reverse mortgage market since then, except:
Reasons to consider using a HECM include the following, except:
Reasons to consider not using a HECM include the following, except:
Reasons to use a HECM for Purchase mortgage include the following, except: