Line Of Credit


Overview of the HECM Line of Credit

hecm line of creditFirst things first, 98% of all reverse mortgages today are the Federally Insured Home Equity Conversion Mortgage (HECM). This is HUD and FHA’s new reverse mortgage. Basically, they upgraded and enhanced the “old” reverse mortgage. So, it’s important to realize that when commercials and marketing material advertise reverse mortgage, they’re talking about the Federally Insured HECM.

A HECM can be an amazing retirement tool. The HECM allows you to access your home’s equity without requiring any monthly payments. Monthly payments are completely flexible, you can pay Interest-Only or both Principal and Interest or you can pay nothing! That’s correct, you can pay nothing whenever you need to.

HECM Credit Lines provide financial support for today’s retirees. They can use the funds from the program to pay credit debts, make home repairs or renovations, pay medical bills and every day expenses as well as to just pay off their current mortgage which increases their monthly cash flow.

      Pay off consumer debts like high interest credit cards.
  •  Complete home repairs or improvements without worrying about taking on additional debt.
  •  Help pay high property taxes
  •  Protect your retirement investments from market swings or declines.
  •  Support “aging in place” expenses for home modifications.
  •  Pay for medical or dental emergencies or for long term care.
  •  Help your children or grandchildren with some advanced inheritance money.
  •  Travel to visit family or friends or just for adventure.
  •  “Right-Size” to a home that better fits your needs or lifestyle with the New HECM for Purchase.
  •  Or any other purpose!
Senior Lending

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