The home equity conversion mortgage (HECM) helps homeowners age 62+ turn a portion of their housing wealth into usable cash while continuing to live in and own their home.*
*The right to remain in the home is contingent on paying property taxes and homeowner’s insurance, maintaining the home, and complying with the loan terms.
A HECM reverse mortgage eliminates your monthly mortgage payment and unlocks funds that can be used virtually any way you wish to maintain and even improve your lifestyle.*
Increase your cash flow
Free up cash by eliminating the need to make a monthly mortgage payment.*
Cover medical expenses
Address ongoing medical expenses, emergencies, and long-term care.
Fund home renovations
Pay for home improvements that make your home safer, more enjoyable, and more suitable to your lifestyle.
Achieve your retirement goals
Take a well-deserved vacation, pursue hobbies and passions, and complete your retirement bucket list.
*The borrower must meet all loan obligations, including living in the property as the principal residence, maintaining the home, and paying property charges, including property taxes, fees, hazard insurance. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
*The borrower must meet all loan obligations, including living in the property as the principal residence, maintaining the home, and paying property charges, including property taxes, fees, hazard insurance. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
A HECM eliminates your monthly mortgage payment, if applicable, and loans you a portion of your home equity with no monthly mortgage payments required.* You can receive these funds via a lump sum, monthly payouts, a line of credit, or a mix of all three.
*The borrower must meet all loan obligations, including living in the property as the principal residence, maintaining the home, and paying property charges, including property taxes, fees, hazard insurance. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
A HECM is for homeowners 62+ who want to use their home wealth to maintain or even improve their lifestyle. It can be a strategic option for boosting income, covering medical costs, funding home improvements, or achieving retirement goals.
HomeSafe and HECMs are two types of reverse mortgages designed for different situations. HECMs are available for homeowners 62+, offer loan amounts based on a lower government limit, and have a mortgage insurance requirement. HomeSafe is a jumbo reverse mortgage for homeowners 55+** who want to borrow up to $4 million without paying mortgage insurance or an origination fee.
**For certain HomeSafe products only, excluding Massachusetts, New York, and Washington, where the minimum age is 60, and North Carolina and Texas where the minimum age is 62.
A HECM loan is repaid when the homeowner moves out, doesn’t meet the loan conditions, or passes away. The loan can be settled by selling the house or by using other assets if the borrower or heirs prefer to keep the house. Most importantly, the borrower or heirs won’t owe more than the home’s value.
