“YOU’VE WORKED HARD YOUR WHOLE LIFE. NOW LET YOUR HOME WORK HARD FOR YOU”
Although this loan program is a government loan and could be included in the “Government Section”. We feel it needed to stand on its own. Much can be said about the Home Equity Conversion Mortgage (HECM) or Reverse Mortgage. Most do not realize that this is not a new and innovative loan program. In fact, it has been around since 1961 when a borrower by the name of Nellie Young of Portland, Maine, a widow who was struggling to make ends meet was granted this type of loan as more of a personal favor from her local banker.