There are many misconceptions about what a Reverse Mortgage is. So let’s clear the air on what it is and what it is NOT. Reverse Mortgages are now commonly referred to as Home Equity Conversion Mortgages, or HECMs for short. Previously, they were known as Reverse Annuity Mortgages, or RAM. A HECM is designed to help a homeowner tap into the equity in their home while not making any mortgage payments. In its simplest terms, an HECM is a Home Equity Line of Credit that does not have a payment … [Read more...] about Understanding the Reverse Mortgage