A Home Equity Conversion Mortgage, also known as HECM Reverse Mortgages, is a loan that uses your home as collateral. However, instead of making payments to a lender, the lender PAYS YOU! The best part is that you are not obligated to pay it back the loan until the house is no longer your primary residence -- if you move or pass away. The amount you can borrow depends on a number of factors and the amount of your home equity and current interest rates. The most basic requirement is that you and your spouse must both be 62 or older, but there are no credit checks or income verifications required.
Once you have the loan, you can take the cash in a lump sum, monthly payments, a standby line of credit or a combination of all three -- and use the money however you wish. Meaning, you are your spouse can use the money to increase your monthly income!
Once you have the loan, you can take the cash in a lump sum, monthly payments, a standby line of credit or a combination of all three -- and use the money however you wish. Meaning, you are your spouse can use the money to increase your monthly income!
Try out a HECM Reverse Mortgages Calculator now!
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