Reverse Mortgages
As Home Equity Conversion Mortgages (HECM) have gained in popularity, senior citizens are confronted with difficult choices regarding the equity option.
The option may prove to be a viable supplement to your retirement accounts, Social Security or pensions; however, the idea of sacrificing the hard earned equity in one's home in the current economic climate can be disconcerting. Therefore, it is Cambridge's goal to provide you with compassionate efforts to making the best decision possible for your financial circumstance.
Cambridge’s housing counselors will work with you to understand the many different available options including alternative options, effect on heirs, application, processing, closing and after closing issues related to reverse mortgages. Our counselors will discuss eligibility requirements, as well as features unique to Home Equity Conversion Mortgages.
The counseling session will also help you understand the costs associated with reverse mortgages and specific borrower obligations. You will also be provided with information on housing alternatives and supplements should a Home Equity Conversion Mortgage not meet your specific needs.