Home Equity Conversion Mortgage for Seniors 62 and older
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There are many myths and misconceptions when it comes to the Home Equity Conversion Mortgage (HECM).
The fact is – this is a special mortgage for homeowners 62 and older who would like to increase their income, decrease their expenses and age in place with financial security. This program is government insured through the Federal Housing Administration (FHA). You remain the Owner of your Home 100% and whomever you leave your Home to your Will or Trust is honored. Additionally you will never leave a debt or obligation to your Heirs beyond the home’s value at any time, guaranteed.
Unlike traditional mortgages the HECM is easy to qualify for there are no income, asset, credit, or health requirements. The only thing you need is equity – you do not need to own your home free and clear. The HECM can eliminate your Mortgage Payment, supplement a shortfall in your income, and secure your financial future.
Even those Homeowners who do own their home free and clear the HECM can also provide benefit by establishing a Line of Credit with guaranteed growth rate, complete liquidity regardless of the fluctuations of the housing market, and of course no payment, ever.
The HECM will need to be paid back when you sell the home, the last remaining owner passes away, or the home is no longer your primary residence. There are no surprises when it comes to the HECM everything is explained in detail. Before dismissing the HECM ask yourself this question, is this the way you envisioned your retirement? Call today to learn more or for a free consultation and qualification. Stop those sleepless nights with financial worry and start living a better tomorrow with a HECM.