These are the most common HECM reverse mortgage benefits. We also encourage you to visit our Important Facts page for answers to commonly asked questions.
» Eliminate entire mortgage payment for the rest of your life.
» Receive monthly annuity, lump sum, or combination.
» Always maintain ownership of your home.
» No penalties if you choose to sell/refinance in the future.
» Low closing costs.
» Protected and insured by the FHA and HUD.
» Easy and stress free loan process.
» Stay in your home for as long as you choose.
» Does not impact Medicare or social security.
A reverse mortgage is most commonly used to refinance but it can also be used to purchase a home. Mortgage payments are eliminated for the rest of the homeowners life. The homeowner(s) can live in the home for the rest of their life and the loan only needs to be repaid when the last homeowner leaves the home.
Situations Where a Reverse
Mortgage Might Help
• Need to supplement an inconsistent income.
• Protection in case you’re anticipating reduction of income in the future.
• Living on a small pension and/or social security.
• Purchase a home without the monthly mortgage payment.
• If your income is being reduced because of retirement.
• Use savings to travel more often or do other exciting things.
• Looking to sell your home in a few years but would like to be mortgage free for a while.
We also encourage you to visit our Important Facts page for answers to commonly asked questions.