With a Home Equity Conversion Mortgage (HECM) loan, commonly referred to as a reverse mortgage, you can:
Eliminate Monthly Mortgage Payments
You still must pay property-related taxes, insurance, and upkeep expenses.
Access Equity as Cash
Access a portion of your home’s equity without incurring income tax.†
You Own Your Home
You remain on title and own your home so long as you meet the loan obligations.
Being a HECM borrower offers a wealth of benefits:
Access a percentage of your built-up housing wealth as cash, fixed monthly advances, or a line of credit.
Use HECM loan proceeds at closing to refinance (pay off) your payment-required traditional mortgage.
Pay as much or as little toward the loan balance each month as you want, or you can defer repayment by not making any monthly principal and interest payments for as long as you live in your home. You just have to maintain the home and pay the property charges, like taxes and insurance.
Plus, you can use any remaining HECM loan proceeds as you wish, such as to:
Pay for aging-in-place renovations
Pay off high interest credit cards
Pay for in-home care
Pay for a large purchase, like a new car
Establish a rainy day fund
Schedule an Appointment with Us Today!
Call us or complete the form below to get a free consultation. Together, let’s find out if leveraging home equity is the right move for you and your retirement.
†This material does not constitute tax advice. Please consult a tax advisor regarding your specific situation.
