Learn how the new FHA insured Home Equity Conversion Mortgage (HECM) program, designed for those 62 and older, empowers YOU to choose the monthly mortgage payment.
The HECM is a FHA insured program designed to help homeowners over the age of 62 use the equity in their home.
Not as long as you live in the home.
Anything you want! There are no restrictions on how you use your money.
Yes! You own your home still. You can live in it, sell it, or leave it to your heirs. It is yours to do with as you please.
That depends on what you have decided to do with your home. If you have left it to someone, then they will still inherit it. They will have up to 12 months to either repay the HECM, sell the home and keep the profits, or refinance the HECM into a forward mortgage or another HECM (if they are old enough).
Continue to make your mortgage payment or don't. The freedom to choose is yours.
There is trillions of dollars of unused equity in the US. Using yours will give you more freedom to live retirement the way you always imagined.
With no restrictions on how you spend the money you receive, you have the freedom you need. Help your family, pay bills, or simply save for a rainy day.
You don't have to worry about social security benefits, Medicare, or any other entitlement. The HECM doesn't affect any of them.
Whether you make your mortgage payment in full, make a half payment, or choose not to make your payment at all, your credit is never affected with the HECM.
Not only can the HECM pay off your existing mortgage, but it can also be used to eliminate credit card debt, auto loans, personal loans, student loan debt, and more.