Being retired should be some of the best years of your life. Yet, so many on a fixed monthly income find themselves struggling to make ends meet… choosing between paying their mortgage, monthly bills or groceries. If you find yourself in a similar situation, a Home Equity Conversion Mortgage (HECM) may be the answer you have been seeking.
With a HECM, you receive a government-insured loan product that allows you to pay off your current mortgage and thereby eliminate your monthly mortgage payment* to get the breathing-room you need to live. Taxes and homeowners insurance must still be paid, but many seniors have found that not only can they eliminate their mortgage payment, they can also get tax-free cash to use for any purpose.
Even if you don’t have a mortgage, you may be “house rich and cash poor.” You have paid into your home for many years and have accumulated housing wealth that would otherwise only be accessible if you sold your home. With a HECM you can tap into the wealth in your home while you continue to own and live in the home and make life a little easier.
Call your Reverse Mortgage Specialist to find out if a HECM is right for you. You owe it to yourself and your family to know your options and get accurate facts.
* The homeowner is still responsible for applicable property taxes and homeowners insurance, as well as maintaining the property.