HECM for Refinance
Retirement on your terms, financially free.
The Home Equity Conversion Mortgage (HECM) is a reverse mortgage that has rapidly become part of the financial planning world. No longer considered a loan of last resort, the new and improved HECM could help those who may not necessarily need cash now, but wish to secure the longevity of their savings. This could be an effective way for seniors to supplement expenses or prepare for unexpected costs, such as medical bills. Considering that your home may be your largest asset, you owe it to yourself to learn more about the HECM.
What are the basics of HECM?
- At least one borrower must be 62 years or older
- The home must be your primary residence
- You need to have approximately 50% equity in the home**
- Title of the home remains with the borrower*
- Borrowers have no personal liability to repay the loan. The loan is paid back only by the sale or refinancing of the home.
- Financial Assessment Required
*Must comply with terms of mortgage
**Specific details will be discussed during the required financial assessment