Home Equity Conversion Mortgage
A Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is a loan specifically designed for retirement age seniors. Reverse mortgages are government insured through the Federal Housing Administration (FHA).
With an HECM reverse mortgage
• The money you receive is tax-free income
• No payments as long as you live in the home
See if a HECM reverse mortgage is right for you: Call Monty Simons at 818- 825-1773.
A HECM reverse mortgage pays money to you, as though you had sold your house. The house remains yours, just as it is today, with your name on the title. Even if you don’t qualify for a HELOC (Home Equity Line of Credit), you may qualify for an HECM reverse mortgage since there are no income or credit requirements. In April 2015 new rules will apply, and a financial assessment will be taken of each client along with the possible holdbacks for property taxes and insurance.
Main qualifications include:
- All homeowners are 62 years of age or older
- Your home is your principal residence; you must remain in your home through the length of the mortgage
- The property must be a single-family or a two-to-four unit dwelling. Town homes, detached homes, condominium and some manufactured homes may also be eligible
- Currently there are NO credit and income requirements.
FHA implementing new rules October 2, 2017 . Lowering benefits!! Act now! Call 818-825-1773.