A HECM reverse mortgage could be the optimal solution for you, but how can you tell if it is?
With a HECM reverse mortgage, at least one homeowner needs to be age 62 or older to qualify. A HECM reverse mortgage is the standard FHA-insured reverse mortgage that can be used for loan amounts up to $1,089,300. The funds can be dispersed to the homeowner as cash, a line of credit, or monthly payments. HECM reverse mortgages can have an adjustable or a fixed rate- we tailor the solution to fit your specific needs and desires. When considering “Is a HECM reverse mortgage right for me?” ask yourself: What benefit are you getting currently from having a mortgage with a required monthly mortgage payment? Or, if your house is paid off, ask yourself: What benefit are you getting from the home equity you have built over all these years? How is that equity working for you now? With a HECM reverse mortgage, your monthly mortgage payments become optional and your equity provides a financial security net. HECM reverse mortgages were created specifically for seniors to stabilize and secure their homeownership throughout retirement. If a stable and secure retirement is something you desire, then consider a HECM reverse mortgage.