Home Equity Conversion Mortgages are designed to give you access to funds from one of your biggest investments - your home. Also known as a a reverse mortgage, a Home Equity Conversion Mortgage allows you to borrow based on the equity of your home. If you are at least 62 years old and own the home you consider your primary residence, then a Home Equity Conversion Mortgage can help you fund the next stages of your life.
What can you do with a Home Equity Conversion Mortgage? Lots of things, like:
- Eliminate your mortgage payment
- Improve your cash flow
- Build an emergency fund
The benefits are:
- Monthly payment not required (Still required to pay taxes, insurance, and maintenance costs)
- Establish a line of credit that can grow in value over time.
- Flexible pay out options
- No pre-payment penalties
- Insured by the Federal Housing Administration (FHA)
Our home loan experts take time to listen to what you want to achieve and then work closely with you to find a Mortgage that fits your needs and budget. You can receive the loan proceeds through:
- Line of Credit
- Monthly Payments
- Loan advance
- Or any combination of the above