Is a HECM is right for you?
A Home Equity Conversion Mortgage (HECM) is a loan secured by your home that gives you cash now in exchange for your obligation to repay the loan in the future.
It allows you to tap into the equity that you have built in your home over the years and receive cash to use as you choose. Through the life of the HECM you will continue to own and live in your home.
The amount of money that you can borrow will depend on several factors, including your age, current interest rates, the appraised value of your home and the FHA’s lending limit. If structured correctly, this loan will have no negative effect on your income taxes, Social Security benefits, VA benefits, or Medicaid benefits. You will want to make sure that you are working with someone who has the expertise to know how these programs can be affected. We would be happy to walk you through the process to make sure that you are able to receive all of the benefits that you are entitled to. It is imperative that you work with a knowledgeable professional who understands all the benefits associated with a HECM. Best of all, this loan is FHA insured so you can never owe more than your house is worth. Whether you are looking to eliminate a current mortgage payment, provide additional income, or protect your home; our professionals can help you decide if a HECM is right for you.
* HECMs are not appropriate for all homeowners. Please be sure to read your lender’s disclosure statement and obtain independent counseling to help you decide if a HECM is right for you.
* All loans are subject to property approval.
* Certain conditions and fees may apply.
* These materials are not from HUD or FHA and were not approved by HUD or a government agency.