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Why is a HECM superior to a HELOC?
With a HELOC, you get what you pay for,. The typical retiree would be better served by a HECM reverse mortgage which offers a secure and growing line of credit (LOC).
Top-10 Reverse Mortgage Consumer Protections
The federally insured reverse mortgage product known as a Home Equity Conversion Mortgage (HECM) has multiple layers of protection for older Americans. Let's look at the top 10.
What are HECM CREDIT REQUIREMENTS?
As part of HECM Financial Assessment, every lender must now examine an applicant’s credit history and property charge history. This helps to determine whether the loan is a sustainable solution.