The Facts About Reverse Mortgages
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What is a Reverse Mortgage?
Fact: A Home Equity Conversion Mortgage (HECM), also known as a Reverse Mortgage,
is a Federal Housing Administration (FHA) insured loan that enables you to access a portion
of your home's equity to obtain tax-free funds without having to make monthly mortgage payments.
How Can I Use These Funds?
Fact: If you are 62 years of age or older and have sufficient home equity,
you may be able to get the cash you need to:
Pay off your existing mortgage
Continue to live in your home and maintain the title
Pay off medical bills, vehicle loans or other debts
Improve your monthly cash flow
Fund necessary home repairs or renovations
Build a "safety net" for unplanned expenses
With a HECM Loan:
Your existing monthly payment is eliminated
You stay in your home and maintain the title
Loan proceeds are tax-free and can be used as you choose
Your loan is insured by the Federal Housing Administration (FHA)
To Be Eligible for a HECM loan:
The youngest borrower must be at least 62 years of age
Your home must be your primary residence and have sufficient equity
You must have the ability to pay off your existing mortgage using the HECM loan proceeds
You must live in a single family, two-to-four unit owner occupied home, townhouse, approved condominium or manufactured home
DID YOU KNOW: Over 808,000 seniors have taken out HECM loans as of 2013. Nine out of 10 surveryed believe doing so has positively impacted thier lives.
DID YOU KNOW: With a HECM loan, you still own your home. You retain the title and ownership during the liffe of the loan and can sell your home at any time. The lender will add a lien onto the title to guarantee payment.
Contact our REVERSE MORTGAGE DIVISION today to schedule your free consultation!
Broward: 954.539.2000 | Dade: 305.387.0345
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