Reverse Mortgage Programs
A reverse mortgage or HECM (Home Equity Conversion Mortgage) is a financial tool that allows homeowners ages 62 and older to convert part of their home equity into cash payments and/or a line of credit. Since there are no restrictions on how the proceeds can be used, many reverse mortgage borrowers use HECM to:
- Purchase a new home
- Pay medical bills
- Move closer to family members
- Travel
- Supplement retirement income
HECM products offer many advantages for seniors today. Those who choose this option enjoy the continued ownership of their home without having to make a monthly mortgage payment*. Medicare payments are not affected and the homeowner gets to choose between a lump sum payment, a line of credit or guaranteed monthly payments.
Contact us to discuss your options and decide what program works best for you.
*Homeowner must continue to pay property taxes, required insurance and any applicable HOA fees.
Eligibility Requirements:
- 62 years or older
- Must live in home as primary residence; vacation homes and investment properties do not qualify
- Complete a HUD-approved counseling session
- Must be able to pay homeowners taxes, insurance, and any applicable HOA fees
