{"id":119548,"date":"2023-04-20T06:32:16","date_gmt":"2023-04-20T06:32:16","guid":{"rendered":"https:\/\/businessyield.com\/?p=119548"},"modified":"2023-04-20T06:47:33","modified_gmt":"2023-04-20T06:47:33","slug":"reverse-mortgage-procedure-and-timeline","status":"publish","type":"post","link":"https:\/\/businessyield.com\/mortgage\/reverse-mortgage-procedure-and-timeline\/","title":{"rendered":"Reverse Mortgage: Procedure and Timeline","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
Everyone could use some additional income, particularly in their retirement period. Today, retirees have a combined $11.81 trillion in housing wealth<\/a>, which means you could have more equity in your house than you realize.\u00a0<\/p> Reverse mortgages have given retirees a new way to tap into their home’s value, expanding their financial possibilities in a way that was previously unavailable. Home equity conversion mortgages (HECMs), more often known as reverse mortgages, are available to homeowners 62 and older, and allow them to access a part of the value of their house. <\/p> There are a number of procedures involved in getting a reverse mortgage<\/a> loan, just as there are with a conventional “forward” mortgage. Loans go through a lengthy process that begins with educating the borrower and answering their questions and ends with the borrower signing final agreements and receiving their cash.\u00a0<\/p>