Home equity conversion mortgage (HECM)
November 16, 2017 5:42 PM   Subscribe

We are considering taking out a home equity conversion mortgage so that we can move into a larger home. I've read a lot and am pretty well up on how it works but I am interested in hearing from anyone who has actually been through it. Anyone out there?
posted by charlesminus to Work & Money (2 answers total) 1 user marked this as a favorite
Sorry, confused...one of the conditions of a reverse mortgage is that the subject property remain your primary residence?
posted by praemunire at 6:50 PM on November 16, 2017 [2 favorites]

There are more cons than pros I think. Pages of conditions to be carefully considered and met. Also ages of self and spouse? In the event I did not go through with it, as I felt a property lawyer might be advisable
Maybe someone better qualified may be able to help you.
posted by lungtaworld at 5:55 AM on November 17, 2017

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