Home Equity Conversion Mortgage (HECM)
Are you considering a Home Equity Conversion Mortgage, or what we prefer to call a “Lifestyle Mortgage”?
If so, you probably have many questions or concerns, such as:
- Is a Home Equity Conversion Mortgage right for me?
- What are the benefits of a Home Equity Conversion Mortgage?
- What are the types of Home Equity Conversion Mortgage payouts?
Now could be the perfect time to find out if a Home Equity Conversion Mortgage is right for you. Whether you're looking to retire, pay for home improvements, or cover medical expenses, a Home Equity Conversion Mortgage can help you do that so you can live more financially secure. Contact us today for a free mortgage check-up. We can take a look at your loan, walk you through the benefits of Home Equity Conversion Mortgages, and break down all your costs so you can make a well-informed decision.
What Is A Home Equity Conversion Mortgage?
A Home Equity Conversion Mortgage (HECM), the most common type of Reverse Mortgage, is a special type of home loan for homeowners who are 62 and older. HECM is Federal Housing Administration’s (FHA) Reverse Mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both.
Do You Qualify For A Home Equity Conversion Mortgage?
- Are you at least 62 years of age?
- Do you own your property outright, or is the mortgage small enough to be paid off in the Home Equity Conversion Mortgage process?
- Do you occupy the property as your primary residence?
- Are you delinquent on any Federal debt?
- Is your home considered a single family home that meets FHA requirements?
If you answered “Yes” to all these questions, then you may be able to qualify for a Home Equity Conversion Mortgage.
A HECM is not a government benefit; it is an FHA mortgage loan program. This material is not provided by, nor was it approved by, any government agency including HUD or FHA and Cornerstone Home Lending is not affiliated with any U.S. government agencies. Additional restrictions, requirements and underwriting conditions may apply. Speak with your loan officer for details.
