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Home Equity Conversion Mortgage
Here’s how a HECM reverse mortgage can help

House Rich and Cash Poor

The issue for many Americans, especially those of retirement age, is having a great deal of equity in their home, but sometimes struggling financially.  You have worked hard over the years and have paid off--or nearly paid off--your mortgage, but your retirement income is less than adequate. You may need just a little extra to get by each month.

There are several reverse mortgage options available, one that might be right for you.
HECM Reverse Mortgage 
– Fixed Rate

A Fixed Rate reverse mortgage loan gives you a lump sum at closing and a fixed interest rate for the life of your loan. This gives you the security of knowing your interest rate will not change.

Susan and David wanted to help their grandchild with college tuition. They used a Fixed Rate HECM Reverse Mortgage to finance the college expenses and were delighted to lock in a low interest rate. 
HECM Reverse Mortgage 
– Adjustable Rate

The Adjustable Rate reverse mortgage loan may be more accommodating because it may be offered at a lower interest rate and provides more options for you to receive your payments.  You may choose to receive funds through a line of credit, monthly payment, one-time lump sum or any combination.

Finding herself buried in medical bills, Valerie took advantage of the HECM reverse mortgage adjustable rate loan. She used a lump sum to pay off her bills and a monthly payment to supplement her fixed income.
HECM Reverse Mortgage


The HECM Saver reverse mortgage has lower closing costs than the HECM Standard reverse mortgage loans, however the amount of the loan may be less. The HECM Saver reverse mortgage is available as a fixed or adjustble rate.

Shelley wanted to pay off the mortgage in his current home but didn’t want to pay a lot of upfront fees. With only five years to pay on his 30-year mortgage, the balance was low. The Saver Reverse Mortgage loan provided enough money to pay off the mortgage and make some home improvements.
HECM Home Purchase

A HECM Home Purchase allows you to purchase a new home and secure a reverse mortgage on the same transaction with no mortgage payment. The sale of the departure home helps provide the cash required to close the loan. Using the HECM Home Purchase loan you may purchase a home
•without taking on monthly mortgage payments
•suitable for current needs
•in a senior housing community
Property Eligible for the HECM Home Purchase 
•Single family homes
•HUD approved condos
•Planned unit developments (PUDs)
•Two to four unit properties (one must be owner occupied)
•Manufactured homes built after June 15, 1976

Jon and Alexis found their Central California five bedroom, three bathroom home too large when their children left and relocated to San Diego. Wanting to be closer to their children and grandchildren and get a smaller home, they chose the HECM Home Purchase loan to purchase their new home in Southern California.
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