Introduction A reverse mortgage represents an ultimate option for seniors to experience many financial benefits, and get rid of all other mortgage-based monthly payments. In the United States, the history of the reverse mortgage is a bit shorter. It began in a bank in Maine in 1961. Inspired by Home Equity Conversion Mortgage (HECM) the federal government has developed a system called reverse mortgages. The program has been in operation since the 1980s and it is under the protection of the US Department of Housing and Urban Development (HUD). Since 1980, the first Reverse Mortgage (HECM) program has served so many seniors. They have accomplished the aim of the seniors and provided reasonable financial security with the help of Reverse Mortgages. The benefits of a reverse mortgage for the seniors • They are providing a zero monthly mortgage payment facility • Issuing funds for medical and home improvement • A tax-free growing line of credit as m...
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