HECMs Versus Other Reverses

HECMs Versus Other Reverses

HECM loans generally provide the largest loan advances of any reverse mortgage. Often they provide a lot more cash than any other program. HECMs also give you the most choices in how you can have the cash paid to you. HECM stands for Home Equity Conversion Mortgage.

The money you get from a HECM can be used for any purpose. Although they are not cheap, HECM loans can be much less costly than the other reverse mortgages that can be used for any purpose.

Generally, the only reverse mortgages that cost less than HECMs are ones offered by state or local governments. These loans typically must be used for one specific purpose only, for example, to repair your home, or pay your property taxes. They also generally are available only to homeowners with low to moderate incomes.

To see if you qualify for a HECM, please call toll free 1-888-973-8377 or fill out or online HECM analysis form.

Till next time, have a blessed day..