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Home Equity Conversion/Reverse Equity Conversion Mortgage
HECM/RECM’s are uniquely for elderly homeowners with significant equity in their homes. Because of the affect on one’s estate, this type of mortgage may not be appropriate for all borrowers. It allows elderly owners to borrow a percent of their equity. Monies are paid the homeowner in monthly payments or in a lump sum; presumably to supplement limited incomes, make a large purchase, with no restriction on the use of the money. Commonly misunderstood, this loan requires all borrowers be counseled by a certified agency prior to closing. Community Services of AZ [ More Info ] 6704 N 59th Ave Glendale, AZ 85301 623.435.2255 800-471-8247 gmickey@csainc.org Neighborhood Housing Services of Phoenix [ More Info ] 1405 E McDowell Rd, Suite 100 Phoenix, AZ 85006 602-258-1659 tfrancis@nhsphoenix.org Rehab/Emergency Home Repair | Rental Housing Upcoming Events | About Us | Contact Us | Disclaimer | Home | Arizona Housing Counseling Collaborative www.arizonahcc.org © 2010 Arizona Housing Counseling Collaborative. All Rights Reserved. Site by Hemispheres Internet, Inc. |
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