A home equity conversion mortgage (HECM), more commonly known as a reverse mortgage, lets homeowners 62 years of age and older tap into the home equity they’ve grown over the years. The HECM reverse mortgage program is not a government benefit. A reverse mortgage is a loan that you’ll have to pay back according to the program terms. Your reverse mortgage monthly payout will vary based on the loan terms you choose.
*Always consult a financial advisor and an appropriate government agency for guidance on how taxes or government benefits may be affected. **Requires you to live in the home as your primary residence, pay property taxes and homeowners insurance, and maintain the home according to FHA’s guidelines. ***Priority Home Lending is not affiliated with the U.S. government, nor has this information been approved by a government housing agency.
No! Depending on your personal financial situation, the possibilities could be endless. You could use funds from a reverse mortgage to:
Depending on whether your HECM is fixed-rate or adjustable, you could receive your funds as:
Mortgages aren’t one-size-fits-all – and that’s especially true for a reverse mortgage. Speaking with an HUD counselor and reputable reverse mortgage lender like Team Reeder can help you to feel confident in your decision.
Getting a home equity conversion mortgage (HECM) doesn’t have to be complicated. Team Reeder offers personalized guidance and trusted service to walk you through the process. We also want to clear up common misconceptions about the program so you have all the facts.
Reverse mortgages have specific requirements and can be difficult to understand. That’s why working with a reputable lender is so important — to avoid any potential scams or fraudulent activity. As a local reverse mortgage lender with a national presence, we place the highest priority on your safety and security. Contact Team Reeder for a complimentary consultation.