A Home Equity Conversion Mortgage (a reverse mortgage sometimes referred to as HECM) is often considered an avenue for high-equity homeowners to supplement retirement income without selling the home. However, the flexibility of a HECM can also offer funding to make critical improvements or cost-saving upgrades to the home.
A Home Equity Conversion Mortgage (Reverse Mortgage) insured by FHA is an important financial option that lets homeowners age 62 and older tap into the equity they've built in their homes and receive loan proceeds they can use for a variety of needs. This mortgage has helped many seniors reach financial security and offer peace of mind. While we are not FICO driven, we still have some credit requirements. This product comes in fixed rates and variables. Borrowers will maintain homeownership and continue to be on title.
Here are some examples and reasons seniors apply for this product:
- Fund in-home care
- Pay for medical expenses
- Home upgrades or repairs
- Supplement income with monthly installments
* PAY only your property taxes, home owner's insurance and HOA dues
FHA Reverse Mortgage is a non-recourse loan, regulated and safe. Contact me to find out the truth about Reverse Mortgages.
If you or a family member is considering a Home Equity Conversion Mortgage, or HECM (also known as a reverse mortgage), you probably know that age is important; after all, FHA requires that borrowers be 62 years old to qualify.
But there are other reasons age matters,
We Are Open Mortgage