Here are 5 things that you need to know!
Reverse Mortgages or Home Equity Mortgage Conversion Loans are a great option for older homeowners. HECM’s are a financial tool for homeowners with equity in their homes that they can use to supplement their retirement income. The equity in your home is money that you saved over the years. It belongs to you and is available to help with expenses. In addition, a HECM allows you to stay in your own home and age in place.
This type of loan is not for everyone, but it could be for you if you meet the following criteria:
- Own your own home in good standing clear of any liens
- Want to stay in your own home and age in place
- Be at least 62 years young!
- You must meet with an HECM Counselor to make sure you fully understand the program
- Have enough financial resources to pay property taxes/insurance and maintain the property
If you own your own home, have accrued equity, and are worried about having enough income to live comfortably, then you owe it to yourself to at least learn more about HECM (a Reverse Mortgage.)
Focusing on products such as Reverse Mortgages is just one way that Mortgage Equity Partners is working to meet the changing needs of our borrowers over time.
For more information on our HECM program, please contact the team of Lillian Staffier and David Gillmeister (MLO#884339) at 978-237-5917 to set up a no obligation, no pressure information session.