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[Overview Of Home Equity Conversion Mortgages (hecms) In The United States] According To Don Graves Of The Housing Wealth Institute, A Reverse Mortgage Like The Federally Insured Home Equity Conversion Mortgage (HECM) In The US Is A Loan For Homeowners Aged 62 And Up Allowing Them To Convert A Portion Of Their Home's Value Into Tax-free Cash Without Giving Up Ownership Or Making Monthly Payments. Originated In 1961 And Federally Backed Since 1988, Hecms, Which Account For About 98% Of US Reverse Mortgages, Are Insured By The FHA Under The US Department Of Housing And Urban Development And Offer Consumer Protections, Although They Are Not Suitable For Everyone.
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