Conversely, HECM loans tend not to need borrowers to make month-to-month payments but instead must repay the loan when the borrower sells their house or passes absent. In return, the lender fees closing fees, curiosity, and costs for servicing the loan. A HECM shares similarities to a home equity loan https://need-100-dollars-fast97379.mdkblog.com/44352409/62-loan-fundamentals-explained