Convert a portion of your greatest asset - your home euity - to fund your retirement needs.
What is a HECM Reverse Mortgage?
Home Equity Conversion Mortgages (HECMs), also known as reverse mortgage loans, were created over 25 years ago to help Americans aged 62 and older convert a portion of their home equity into tax-free money to improve their lifestyle in whatever way they coose. While loan proceeds are not taxable income, property taxes and insurance must be paid by the borrower.
How Does it Work?
With a reverse mortgage loan, borrowers do not make monthly principal and interest payments on the loan. Instead, the loan blance is typically repaid when the last borrower or eligible non-borrowing spouse, leaves the home or deos not otherwise comply with loan terms. Borrowers are responsible for paying taxes, homeowners insurance, HOA dues (if any), maintaining the property and complying with all loan terms. Not complying with all loan terms can result in defulting on the loan and borrowers an be subject to foreclosure.
HECMs Have Built-in Safeguards to Better Protect Borrowers
The United States Department of Housing and Urban Development (HUD) has put safeguards in place to protect borrowers and further strengthen the HECM reverse mortgage loan product.
Common Uses of a Reverse Mortgage
CALL TODAY (949) 427-2999 and find out how much cash you may qualify for!