A Home Equity Conversion Mortgage (HECM) allows homeowners to borrow money using their home as collateral. Your home will remain in your name, however unlike a traditional mortgage, you won’t have to make monthly mortgage payments. The equity in your home can be converted into cash without you having to sell your home. This special type of home loan is most commonly utilized by homeowners ages 62 and older.
Our clients have taken advantage of this loan type as a way alleviate having to make a mortgage payment, supplement their income, or pay for healthcare expenses. We recommend that every client considering this type of mortgage consult one of our loan officers first to see if it’s a good fit for you.