Researching a Home Equity Conversion Mortgage is an educational project. Sometimes, it can become confusing.  That is why we have tried to explain everything in plain language that is easy to understand.  We will put you in touch with one of our qualified, competent and experienced Mortgage Specialists when you ask for more information and choose to be contacted further.

A Home Equity Conversion Mortgage (HECM, pronounced hek-um) allows you to take the equity in your home and turn in money you can use, without having to sell your home. You have the control and flexibility of making mortgage payments when YOU want, and you are not required to make any minimum monthly mortgage payments. This may sound strange, but that was the idea of this program when FHA wrote the laws and regulations that govern this.  As long as you live in the home and continue to pay your property taxes and insurance, no minimum mortgage payment is required.  Of course, just like any other mortgage, there are rules to follow, but it is pretty simple.  Remember, this is a loan!

Introduced in the late 1980s and signed into law by President Ronald Regan, these mortgages were designed to help homeowners who are “house-rich, but cash-poor.”  It allows senior homeowners who are at least 62 and older to remain in their homes and still meet their financial obligations.  The proceeds of the loan are not taxed – it is not income. There are no credit score requirements like other loans, but we do evaluate cash flow and payment history.

Being “just a mortgage”, there is nothing different about this than a traditional 30 year mortgage in the sense that you continue to own the home and hold title to it.  You will NEVER give up the ownership in your home!  The money from a HECM can provide you with financial security.

Be sure to click on the fields in the column over to the right, for more information and links.

We are here to educate and give you the information you need to learn about this product – it is that simple.

Education is a key component when deciding if this is a good fit for you – or not.  We go to great lengths to educate our clients in order to help them make an informed decision.