HECM

A HECM is a special type of reverse mortgage that allows you, as an older homeowner, to tap the equity you have in your home while giving you the maximum amount of flexibility to address your individual financial needs - - whether it be a cash lump sum to pay for an unexpected hospital bill or monthly payments to supplement your cash flow. Unlike traditional home equity loans, no repayment of the HECM (Home Equity Conversion Mortgage) loan is required until you no longer occupy the home as your principal residence.

With a HECM, you borrow against the value of your home, and receive loan proceeds according to the income plan that you choose. As a borrower, you may change payment plans as many times as you wish.

When you sell your home or vacate it for any reason, the accrued interest plus what the lender has paid you or on your behalf through the years is due and payable, usually from the proceeds from the sale of your home. Any proceeds in excess of the amount owed the reverse mortgage lender belong to you or to your estate.

Please call 1-888-973-8377 to speak with a Reverse Mortgage Counselor to assist you with any questions.