Reverse mortgage Options

A Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, is an FHA-insured loan that lets homeowners age 62+ tap into their home equity. It can help cover bills and everyday expenses, eliminate monthly mortgage payments (keeping current with property taxes, insurance, and maintenance is required), and more. 

According to the AARP, 55% of retirement age Americans have 50% or more of their net worth as equity in their primary residence.  Having access to those funds by treating your home as an investment, not just a place to live, can allow you to:

• Stay in your home with no Principal and Interest mortgage payment
• Access the equity to make repairs, help family, live the life you want or simply have the peace of mind of a cushion in the bank
• Age in place, on your terms

The lender owns my home

• You or your estate own your home as long as you live there and pay the taxes and insurance

I have to make payments

• no mortgage payments are due- only taxes and insurance

My home must be paid off:

• You can have other debt that your reverse mortgage refinances and pays off

My heirs will have to repay the loan

• your heirs have the option of paying the loan off thru a refinance, selling the home or just walking away. 

Reverse mortgage loans, or HECM loans are a fantastic option for some people.  It allows you to access your equity, stay in your home and manage your expenses your way.  These loans are also highly regulated, and counselling will be required before we can close to make sure that you understand every part of the transaction.  

Don't leave yourself short by sitting on the funds you need to live your life your way.  Contact me today with questions.