HECM (Home Equity Conversion Mortgage)

The Home Equity Conversion Mortgage is designed for homeowners aged 62 or older who want to access the equity in their homes without the need to make monthly mortgage payments. This option provides a way to convert home equity into cash while still maintaining ownership of the property. To qualify, a financial assessment is conducted to ensure the homeowner can meet obligations like property taxes and insurance. The process starts with an informational meeting, followed by mandatory counseling, application submission, a financial review, home appraisal, and final underwriting.

This type of loan can be an ideal solution for seniors looking to supplement their retirement income or reduce financial burdens while continuing to live in their home. It offers a secure and flexible way to manage your financial future without the pressure of monthly mortgage payments. Get in touch to explore how a HECM might fit your needs and start planning for a more comfortable retirement.