Home Equity Conversion Loan

09:46 Jun 16, 2015
English to Latvian translations [PRO]
Bus/Financial - Finance (general)
English term or phrase: Home Equity Conversion Loan
A type of Federal Housing Administration (FHA) insured reverse mortgage. Home Equity Conversion Mortgages allow seniors to convert the equity in their home to cash. The amount that may be borrowed is based on the appraised value of the home (subject to FHA limits), and the age of the borrower (borrowers must be at least 62 years old). Money is advanced against the value of the home. Interest accrues on the outstanding loan balance, but no payments must be made until the home is sold or the borrower(s) die, at which point the mortgage must be repaid entirely. Because the home secures the mortgage, no credit check is made on the borrower

Read more: http://www.investopedia.com/terms/h/hecm.asp#ixzz3dDVhLm35
Austra Muizniece
Latvia
Local time: 03:19



  

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