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Home must be owner-occupied
Home loan must conform to FHA guidelines
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Let us show you how to convert a portion of your largest asset – your home equity – to fund your retirement needs.
What is a HECM reverse mortgage?
Home Equity Conversion Mortgages (HECMs), also known as reverse mortgage loans, were created over 25 years ago to help Americans age 62 and older convert a portion of their home equity into tax-free money. HECM reverse mortgages are insured by the Federal Housing Administration (FHA) and allow seniors to age in place and achieve retirement security.
How does it work?
A reverse mortgage loan allows you to turn some of the equity in your home into cash to improve your lifestyle in whatever way you choose. You will continue to live in your home, retain ownership and will not be required to make any monthly mortgage payments during the loan period. Instead of repaying the loan monthly, the loan balance is repaid when all borrowers have left the home. You will be required to pay for property taxes, home insurance and home maintenance.
Reverse Mortgage Options
The amount you receive is based on these factors:
The older the borrower(s), the more funds may be available
The higher the appraised home value, the more funds may be available
The lower the interest rate, the more funds may be available
You’ll have flexibility to choose from one or more of these loan disbursement options:
Lump Sum Payout — Pay off large expenses or other debts
Monthly Installments — Regular cash installments in the amount you need for a set period of time or for the life of the loan
HECM Growing Line of Credit — Access the available “standby” funds when you need them
1 Pay off an existing mortgage and eliminate monthly mortgage payments*
2 Make retirement savings last longer
3 Use a “standby” HECM reverse mortgage growing line of credit to preserve investment accounts during market downturns or build a safety net for unplanned emergencies, home repairs and healthcare expenses
4 Supplement your retirement income with monthly payments
5 Use a HECM for Purchase loan to buy a home that better fits your needs
6 Support aging in place expenses, like caregiving and home modifications
*Borrowers must continue to make property tax, insurance, and other maintenance payments in order to avoid risk of default
Common Uses of a Reverse Mortgage Option
The borrower on title must be 62 years or older (a non-borrowing spouse may be under age 62)
The home must be the borrower’s primary residence
The borrower must own the home (The borrower must meet the financial requirements of the HECM program)