UNLOCK YOUR HOME'S EQUITY:
HECM Reverse Mortgage - Enhance Your Financial Security
We understand that you want to transition easily into the retirement lifestyle of your choice.
We are here to help you access a portion of your home’s equity and make the most of your retirement years.
A HECM LOAN DEFINED
A Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is a Federal Housing Administration (FHA) insured loan1
which enables you to access a
portion of your home’s equity without having to make monthly mortgage payments.2
If you are 62 years of age or older and have sufficient home equity,
you may be able to get the cash you need to:
A FEW OF THE BENEFITS
- Pay off your existing mortgage2
- Continue to live in your home and maintain the title2
- Pay off medical bills, vehicle loans or other debts
- Improve your monthly cash flow
- Fund necessary home repairs or renovations
- Build a “safety net” for unplanned expenses
1 Federal Housing Administration (FHA) mortgage insurance premiums (MIP) will accrue on your loan balance. You will be charged an initial MIP at closing. The initial MIP will be 2% of the home value not to exceed $13,593. Over the life of the loan, you will be charged an annual MIP that equals .5% of the outstanding mortgage balance.
- Eliminates your existing monthly mortgage payments2
- You can stay in your home and maintain the title2
- Loan proceeds are not taxed as income or otherwise and can be used any way you choose2
- Heirs inherit any remaining equity after paying off the HECM loan
- The HECM loan is FHA insured1
- Repayment is limited to the lesser of the value of your home or the loan balance, provided the home is sold.
2 Your current mortgage, if any, must be paid off using the proceeds from your HECM loan. You must still live in the home as your primary residence, continue to pay required property taxes, homeowners insurance, and maintain the home according to FHA requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure.