There’s a common misconception that Reverse Mortgages are a scam…nothing can be further from the truth! The Home Equity Conversion Mortgage (HECM) is a FHA loan, and one of the most highly regulated mortgage products in the country. There are several safeguards built into the product to protect the homeowner.
- Also referred to as HECM – Home Equity Conversion Mortgage
- For homeowners 62 years of age or older
- Creates income stream, or percentage of home equity can be converted into cash
- Heirs are still entitled to equity after senior homeowner passes, as long as reverse mortgage is paid-off, which can be done through the sale of property or refinance
- ‘Non-recourse’ which means any outstanding loan balance that may potentially exceed future property value will never be owed by heirs
- Jumbo sized reverse mortgages available too
Contact Dave Kevelighan for Reverse Mortgage scenarios & pricing today!