Home Equity Retirement & Hecm For Purchase Specialist
CurrentA Home Equity Conversion Mortgage allows homeowners 62 years of age or older the ability to access the equity in their home and use the proceeds however they choose. As long as the borrower lives in the home and maintains payment of the property taxes, hazard insurance, homeowner association dues and maintains the property they will never have any monthly mortgage payments. The mortgage is a non-recourse loan, which means the homeowner will never to liable for more than the home is… Show more A Home Equity Conversion Mortgage allows homeowners 62 years of age or older the ability to access the equity in their home and use the proceeds however they choose. As long as the borrower lives in the home and maintains payment of the property taxes, hazard insurance, homeowner association dues and maintains the property they will never have any monthly mortgage payments. The mortgage is a non-recourse loan, which means the homeowner will never to liable for more than the home is worth.A HECM can also be used to purchase a home with a one-time down payment of 60-40% without any other ongoing monthly mortgage payments. As with the traditional HECM, the homeowner must continue with the timely payment of all property charges and maintenance of the home. Show less