The myths, facts, and benefits of HECMS and Reverse Mortgages
Financing your retirement or lifestyle.
We all have retirement dreams. No matter what you want to do, you need a financial plan to make those dreams come true.
A Home Equity Conversion Mortgage (HECM) may help. HECMs are loans that allow seniors age 62 or older to convert a portion of their home equity into cash, with a maximum loan amount set annually by the Federal Housing Administration.
The funds are advanced against the value of your equity, and interest accrues on the outstanding mortgage balance. Your only monthly responsibility will be to pay property taxes, homeowners insurance, and HOA/condo dues if applicable. The HECM is repaid when you move out of the property, sell the property, or when the last borrower passes away.*
We also offer Reverse Mortgages, which are proprietary jumbo products available to those 55 and older with loan amounts up to $4 million.**
*To obtain a Home Equity Conversion Mortgage (“HECM”), you must attend HUD Approved Counseling available at little to no cost and receive a certificate of completion that will be required during the application process. Must meet financial assessment requirements and be responsible for monthly property charges such as property tax and homeowner’s insurance or could be subject to foreclosure. Applicant must qualify based off age, equity, current balances and other various factors. Restrictions may apply. This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD), the Federal Housing Administration (FHA), or any other government agencies. Contact us to for a list of Reverse Mortgage counselor near you or search the HECM Counselor Roster.
**Not available in all states. Borrowers must be 60 years of age in LA, MA, NJ, and WA. Borrowers must be 62 years of age in NH, TX, and UT.
I’d like to tell you more.
What you can do with a HECM:
HECM myths and facts
Don’t listen to rumors. Review these HECM myths and facts to help you understand the program.
▸ Stay in your home
▸ Eliminate your monthly mortgage payment (must pay property taxes, homeowners’ insurance, homeowners association/condo dues [if applicable], and home maintenance)
▸ Turn the home equity you’ve built into proceeds you can use in retirement
▸ Finally make that equity work for you after years of paying your mortgage
▸ The youngest borrower must be 62 years or older (HECM)
▸ Primary residence only
▸ Attend Housing and Urban Development Department (HUD)-approved counseling
▸ Meet credit and income guidelines
▸ Home must meet FHA property standards
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