Frequently Asked Questions
do I qualify for?
Your personal Senior Lending Specialist will provide you with your exact benefits.
- 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
Do I still own my home?
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?
- Interest only
- Principal & Interest
- or, NO Payment at all
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?
traditional mortgage. Also Senior Lending has a no closing cost option.
Can I purchase a home with a HECM?
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!