LOANS

Home Equity Conversion Mortgage (HECM)

  Also known as a reverse mortgage, this is a loan that allows an owner 62+, the opportunity to access their home’s equity as an integral part of their retirement plan, to be used as they wish and create retirement stability.  There are also many types of loan structures, but the main benefits are paying off your current loan and owning and living in your home without a monthly mortgage payment for the entire time you live there.  You maintain full ownership as in a traditional mortgage, but you don’t have a monthly mortgage payment, interest compounds onto your loan.  Certain HECM structures, namely the ARM, also include a line of credit account that grows over time, compounding at the same rate as the loan.  The growth of these accounts is substantial and should be considered in your long-term retirement goals and wellbeing.  HECMs are heavily regulated and over the years the government has continuously refined the program to protect senior homeowners. If you would like to see a proposal for your own HECM structure, please fill out the following questionnaire. I will prepare a detailed loan proposal for you to review and discuss.