Frequently Asked Questions

How much of a Credit Line
do I qualify for?
The amount depends on several factors including: your age, home value and current interest rates. Your personal Senior Lending Advisor will provide you with your exact benefits.
How do I qualify?
  • At least one homeowner must be 62 years or older
  • The home must be owned and your primary residence
  • Minimal income and credit requirements

How do I access money from my HECM Credit Line?

  • A Growing Credit Line:   Withdraw cash as needed
  • A Monthly Supplement:   Increase your current income
  • All at once:   As a lump sum amount
  • Or a combination of the above

Do I still pay my property taxes
and Insurance?

Yes: Your only responsibilities are to: maintain homeowner's insurance, pay your real estate taxes and the upkeep of your home.

Do I still own  my home?

Yes: A HECM is a lien just like a traditional mortgage. You will always retain 100% ownership, as well as the right to sell your property at any time. Repayment is generally required when the last surviving spouse permanently moves out,sells or passes away. The remaining equity in your home belongs to you and your heirs.

Can I make payments on my HECM Credit Line balance?

Yes: You have the option every month to pay either:
  • Interest only
  • Principal & Interest
  • or, NO Payment at all
Having the flexbility to pay on your own terms is another way to ensure monthly cash flow.
Will this money affect my Social Security or Medicare?
The funds received from HECM do not affect regular Social or Medicare benefits. However, needs-based benefits such as Medicaid and SSDI may be impacted. Please Contact your Medicaid or SSDI consultant about your specific situation.

I've heared the costs are too high?

NO: The fees are limited and regulated by HUD to protect you and are comparable to or less than a traditional mortgage. Also Senior Lending has a no closing cost option.

Can I purchase a home with a HECM?

Yes: You can purchase your dream retirement home with less down (approximately 50%) than a total cash purchase, yet still have no monthly mortgage payments.

Will I owe more than the value of my home after I pass away?

NO: A HECM is "non recourse" loan, which means that you, your heirs or your estate cannot be required to repay more than the current appraised value of your home.

These are just a few answers to some commonly asked questions. If you have questions that aren't listed above,
please call us at (800) 822-1190 or click button below!

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