If you’ve never heard of HECM, then you aren’t alone. Yet a HECM reverse mortgage could be the secret to unlocking wealth for yourself. If you’re wondering what are HECM reverse mortgages, then here’s what you need to know.
HECM stands for home equity conversion mortgage. A home equity conversion mortgage program gives flexibility. You can use it to get a monthly payment, a lump sum of cash, or a line of credit for emergencies. It allows you to access the equity of your home without having to sell it.
In particular, a HECM program for seniors can be beneficial. You can use a HECM program to make a HECM for purchase. Here are some of the benefits you can experience when you utilize our home equity conversion mortgage program:
- Low home equity conversion mortgage rates
- The best care from our experienced HECM lenders
- Enables funding for big purchases like a new property
- Pays off monthly debt
- Gives you financial freedom
One of the reasons why we’re the top HECM broker in the country is because we partner with the top HECM lenders in the country to find you low home equity conversion mortgage rates. Even though you won’t have to pay back the HECM reverse mortgage unless you leave the home, it’s still important that you receive the best home equity conversion mortgage rates possible.
You may also decide that you want to use the HECM loan to buy a HECM property. While there are a few rules that apply to what kind of HECM property you can buy and if it qualifies as a HECM property, you can use it to buy a new home. If you’ve been wanting to move, then it may be possible to use the HECM program to fund that purchase.
A home equity conversion mortgage can also be used to fund medical care or perform needed home repairs. You can work with our HECM reverse mortgage lenders to help you choose a HECM loan that fits your needs the most.
Finally, a fixed-rate HECM can benefit you because it gives you the chance to pay off debt. You can expect a monthly payment from your HECM mortgage through a term option, or a lump-sum cash payment at close. Those funds can be used to pay off credit card debt and other bills. You won’t have to worry about your finances again.