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. Find out if you qualify here.
YES: You only have to pay your property taxes, homeowners insurance, and any association fees.
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.
YES: You have the option every month to pay either:
Having the Flexbility to pay on your own terms is another way to ensure monthly cash flow.
YES: Your home transfers to your heirs the same way as with your current mortgage. They have up to 12 months (unlike your current mortgage) to pay off the HECM loan. They can settle the debt with a refinance or simply sell the property. ALL remaining equity goes to your heirs, not the bank!
NO: The fees are limited and regulated by FHA to protect you and are comparable to a traditional mortgage.
YES: You can purchase your dream retirement home with a HECM for Purchase (h3P). The HECM will provide you a lump sum, approximately 50%, towards the Purchase Price. You would only need to bring the other 50% at closing. This unique program saves you from having to pay 100% cash to achieve NO monthly mortgage payments!
NO: A HECM is a “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.