Watch the "Blind Test" video to see why over 1 million retirees have chosen
The HECM Reverse Mortgage Line of Credit!
The Basics of HECM Reverse Mortgages
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 The "Old" reverse mortgage is obsolete - making it impossible to really compare the two.
A HECM is a Credit Line that allows you to access your home's equity for any purpose. This extra cash flow can help you meet your retirement needs, whether by paying off an existing mortgage, paying off credit card debt, making home improvements or repairs, advancing inheritance to your heirs or for any purpose you wish. There are NO required monthly payments on any balance you have from your HECM Credit Line. Monthly payments on any balance you have are completely optional, so you can pay as little or as much as you want every month.
Key Benefits of the HECM Reverse Mortgage
- Pay off your existing mortgage which increases your monthly cash flow
- Flexible Payments: You can pay interest-only, principal & interest or Nothing at all.
- Pay off high interest credit cards or other debt
- Make home improvements or needed repairs
- Supplement your income
- Payoff medical bills
- Protect your portfolio from market down turns
- Easy Qualification
- Retain 100% ownership, same as now
- Install senior-friendly modifications
- Replace lost social security or pension income
- Fund long-term medical care
- Advance Inheritance to your heirs
- Or any other purpose you wish
Find Out How Easy It Is To Qualify In 3 Easy Steps
HECM Reverse Mortgage Scenarios
Bob and Joyce thought they had a good retirement planned out, but their financial planner showed them that at their current spending, they would run out of money by the age of only 82.
Due to this alarming concern they spoke with a Senior Lending Advisor who showed them that using their homes equity, through a HECM Credit Line, could supplement their income which in turn would prevent premature asset depletion of their retirement portfolio. After reviewing the proven studies in the Journal of Financial Planning, their financial planner concurred and helped them set up a strategy.
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!
Harold & Lena' s home was valued at $475,000 and they had a $149,000 mortgage outstanding. 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.
Claire owned her home free and clear. Even with no mortgage payment she had enough income to pay the bills, but not much more. She was living month to month and relying on Social Security income and a small pension. Rather than taking out a traditional mortgage and being burdened with a mortgage payment that she couldn't afford,Claire decided to keep living month-to-month.
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.
What Our Clients Say About Us
Monthly income... “What made a HECM the right decision for us was additional income every month. It has given us security and the ability to treat our children and ourselves to a better lifestyle. To help my son after his divorce now when he really needed it without putting us in a bind made us feel fantastic.”
Alvin & Eileen C.
Flexible payments... “We had quite a large mortgage payment and when one of us passes, the other one could not afford the payment with the loss of income. The HECM completely relieved our stress. The flexible payment option is perfect for us because while we are both still alive we want to continue to pay on our terms, but when one of us passes we have no fear of losing the house, because the HECM has no required payments. We really can’t understand why everyone who’s over 62 doesn’t do this.”
Miguel & Gabriela P.
Opened many opportunities... “The HECM has improved my retirement. It has opened many opportunities for leisure time and money to do things that weren’t available prior. I recommended several people who have taken advantage of it and they, too, have said it was a great move for them.”
Home Improvements... “I had a new roof put on, I bought a new furnace and air conditioning unit, I had my house painted on the outside and some other minor things done. Anytime I had a question I could call my advisor. He was very helpful. I was very pleased with the way everything was handled.”
HECM “Growing” Credit Line... “We didn’t need the money now, but over time the growing Credit Line limit will increase dramatically from $200,000 to over $590,000! It’s amazing to think that if and when we need access to money, it’ll be there. We couldn’t be happier!”
Jerry & Nancy N.
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