The New Federally Insured HECM Credit Line can help you achieve Financial Peace of Mind by allowing you to meet your retirement goals. Continue reading to understand what a HECM is, its benefits and common ways people use their HECM Credit Line.
HECM stands for Home Equity Conversion Mortgage. It is a smart type of home equity line of credit geared toward helping retirement-aged homeowners gain better control over the repayment of their mortgage. Essentially, a Home Equity Conversion Mortgage allows you to withdraw a portion of your home’s equity, making it a financially-viable way for people to supplement their retirement funds.
With an HECM, you retain full ownership of your home just as you would with a traditional mortgage. However, an HECM has many benefits not present with a traditional mortgage.
There are many benefits of an HECM. These include:
To be eligible for a HECM in Florida you must:
There are also some minimal income and credit requirements. Use our tool to see if you qualify in just three steps!
It’s important to note you will also need to attend a counseling session to receive an HECM in Florida. The session is a wonderful opportunity to ask questions and gain more knowledge about the HECM process.
Once you’ve finished the counseling session, you’ll receive a signed and dated certificate. Then you’ll be ready to move on to the next step: completing your application!
Senior Lending Corporation is Florida’s #1 reverse mortgage company. We know you value honesty and integrity, and we’re committed to giving you flexible options and responsive service. Our specialists get extensive training and are dedicated to helping you find the program that works best for you.
We’ll stay with you every step of the way, from the very beginning until the final closing. You can trust us to make the process as stress-free as possible so you can get back to enjoying your retirement.