Like most retirees, your home’s equity or “Housing Wealth” is your largest asset. Put that equity to work for you with a HECM Reverse Mortgage.
Watch the “Blind Test” video to see why over 1 million retirees have chosen a HECM Reverse Mortgage Line of Credit!
First things first, 98% of all reverse mortgages are the Federally Insured Home Equity Conversion Mortgage, also known as a HECM, or “Heck-um”.
The “NEW” HECM is the Federal Housing Administration’s upgraded or enhanced reverse mortgage credit line program. The “Old” reverse mortgage is obsolete – making it impossible to really compare the two.
The HECM can be an amazing retirement tool. The HECM is simply a Credit Line that allows you to access your home’s equity providing you with Tax-Free Cash without requiring any monthly repayment.
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Situation:
Solution: All they needed to do was take small draws from a HECM Credit Line to reduce their portfolio withdrawals, which ultimately ensured that their money would extend well past their 99th birthdays!
Situation:
Solution: They qualified for a HECM credit line of $264,525 which paid off their mortgage balance and left them with the difference of $115,525 remaining in their HECM growing credit line. They were relieved that they no longer had to make their $873/month mortgage payment for the rest of their lives. They also had the security of a credit line that’s guaranteed to grow overtime.
Situation:
Solution: She finally spoke with a Senior Lending advisor who advised her that her home’ s value of $225,000 qualified her for a $121,175 Credit Line. The HECM Credit Line helped Claire feel secure knowing that she never had to make a mortgage payment when she withdrew her money. Claire breathed a sigh of relief because she finally did not have to live month-to month anymore. Now she was able to live the retirement she always wanted and remain in her home.
Your personal HECM advisor is there to quickly provide answers to your questions while working at your pace. They are with you from initial consultation to closing and any point in between.