LIBOR Federal Credit Union has partnered with FB Mortgage Partners to provide this special type of HUD-insured mortgage or line of credit to their members. We are here to assist you, the member, in the educational and information process so you can become better informed.
A Home Equity Conversion Mortgage (HECM) is used to allow you to take the equity out of your home, and convert that into useable cash for any reason. There are no monthly mortgage payments to make. This is a loan and it is ultimately paid back when the house is sold, later on down the line.
YOU still own YOUR home, always!
A HECM is commonly called a reverse mortgage by the public and there are many falsehoods out there. Researching a reverse mortgage is an educational project and it can also be confusing. That is why we have tried to explain everything in plain language so it is easy to understand. We will put you in touch with one of our qualified, competent and experienced HECM Mortgage Specialists when you ask for more information and choose to be contacted further.
We are here to educate and to give you the information you need to learn about reverse mortgages – it is that simple.
Education is a key component of deciding if this mortgage is a good fit for you – or not. We go to great lengths to educate our credit union members in order to help them make an informed decision.
You can call our HECM Division Manager, Ed O’Connor, directly on his cell at any time to ask questions or make an appointment: 516-984-3731 or fill out the contact form below to send him a message.