Home Equity Conversion Mortgages
A Home Equity Conversion Mortgage (HECM) loan – also known as a reverse mortgage – can be an important financial option for seniors, their family members, and financial professionals to consider as part of an overall retirement planning strategy or to help meet cash flow needs.
A HECM loan is insured by the Federal Housing Administration (FHA)1 and allows senior homeowners 62 and over to access part of the equity in their home to help them live more comfortably during retirement
Borrowers must live in the home as their primary residence and continue to pay for property taxes, insurance and home maintenance based on program guidelines as established by the Federal Housing Administration (FHA). Failure to meet these requirements can trigger a loan default that may result in foreclosure.
1 Federal Housing Administration (FHA) mortgage insurance premiums (MIP) will accrue on your loan balance. You will be charged an initial MIP at closing. The initial MIP will be 2% of the home value not to exceed $13,583. Over the life of the loan, you will be charged an annual MIP that equals .5% of the outstanding mortgage balance.
2 You must live in the home as your primary residence, continue to pay required property taxes, homeowners insurance, and maintain the home according to FHA requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure.
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To this end, not only do we organize corporate community volunteer events but also provide you with 8 hours of volunteer time each year you can use to support your favorite cause.