Reverse Mortgages
Unlock Your Home's Potential with Reverse HECM Mortgages
Discover Financial Freedom in Retirement
Are you a homeowner aged 62 or older, seeking a smart way to enhance your financial stability in retirement? A Reverse Home Equity Conversion Mortgage (HECM) might be the perfect solution for you. This unique financial tool is designed to empower you, allowing you to tap into your home's equity without the burden of monthly mortgage payments.
What is a Reverse HECM Mortgage?
A Reverse HECM Mortgage is a type of home loan that enables senior homeowners and home buyers to convert a portion of their home’s equity or future home, into cash. This loan is federally insured and is a safe plan for managing your financial future. Unlike traditional mortgages, a Reverse HECM Mortgage does not require monthly Principal & Interest mortgage payments. Instead, the loan balance is repaid when the home is sold or the homeowner moves out or passes away. ( Please note: Taxes, Condo fees, and property insurance must be paid)
Why Consider a Reverse HECM Mortgage?
Financial Flexibility: Access your home equity and use the funds as you see fit - be it for medical expenses, home improvements, or even to supplement your retirement income.
Stay in Your Home: Continue living in your home and retain home ownership.
No Monthly Mortgage Payments: There are no monthly payments required as long as you comply with loan terms, including maintaining your home and paying property taxes and homeowners insurance.
Federally Insured: The HECM program is insured by the Federal Housing Administration (FHA), offering you peace of mind.
How Does It Work?
Eligibility Assessment: To be eligible, you must be 62 years or older, intend to own or own your home (or have a small mortgage balance), and use the home as your primary residence.
HECM Counseling: Before you can begin the underwriting process, applicants will need to complete HECM counseling to ensure they understand the program and that it would fit their needs.
Home Appraisal: Your home will be appraised to determine its current market value, which will play a key role in the amount you can borrow.
Choose Your Payment Option: You can choose how to receive your funds – lump sum, monthly payments, a line of credit, or a combination of these.
Repayment Flexibility: The loan is repaid when you sell your home, move out, or in the event of your passing. The remaining equity, if any, belongs to you or your heirs.
Ready to Begin?
Start Your Application Today!
Taking the first step is easy. By applying for a Reverse HECM Mortgage today, you're moving closer to a more secure and comfortable retirement.