If you’re 62 or older and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses, then a HECM Reverse Mortgage may be for you!
Reverse mortgages allow you to turn the equity you have in your home into a tangible cash flow without having to sell your property or having monthly loan payments. Reverse Mortgages are tax-free and you are able to retain the title to your home. Only when the borrower dies, sells the home or no longer lives in that home does the loan have to be repaid.
| HECM Reverse Mortgage Myths | |||
| MYTH : “The bank owns the home once you get into the HECM Reverse Mortgage. | |||
| TRUTH: The homeowner never loses ownership of the property | |||
| MYTH: “My Credit is not good so I don’t qualify for a HECM Reverse Mortgage” | |||
| TRUTH: Credit is not a qualifying factor for The HECM Reverse Mortgage | |||
| MYTH: “ I am going through foreclosure so I don’t qualify for a HECM Reverse Mortgage” | |||
| TRUTH: As long as the borrowers have the available equity in the property, they are 62 years or older, the HECM Reverse Mortgage can save the borrowers home from foreclosure. | |||
| MYTH: “I will be leaving my heirs a debt (or a worse off situation)” | |||
| TRUTH: The HECM Reverse Mortgage never transfers the debt to the heirs, the only way the lender expects to be repaid back is from the property. |
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