Home values have been on the rise across the US since 2013. As a result, your home may now be worth much more money than you think, which means you may have more equity in your home. A Home Equity Conversion Mortgage (HECM) can help you turn a portion of your home equity into extra cash. Did you know that low interest rates allow you to get more cash out of your home? With home values up and interest rates low, this is the perfect time to get a HECM reverse mortgage.
With a federally-insured HECM reverse mortgage loan, your existing monthly mortgage payments are eliminated and you may receive tax-free money paid to you in one lump sum, in monthly payments or as a growing stand-by line of credit. The money generally does not affect Social Security, Medicare, or private retirement benefits. You have control and flexibility over how you use your loan proceeds.
Many seniors today are looking for additional cash flow to:
- Pay off other loans or debts
- Cover medical expenses and prescription costs
- Fund home repairs or modifications
- Supplement retirement cash flow
I’ve helped many seniors just like you pay off their existing mortgage and enjoy their retirement to the fullest. Call me today at 650-773-0247 to see if a reverse mortgage is right for you!
 If you qualify and your loan is approved, a HECM must pay off your existing mortgage(s). With a HECM, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance (which may be substantial). We do not establish an escrow account for disbursements of these payments. Borrowers must also occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan must be paid off when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, or does not comply with the loan terms. A HECM increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). Loan proceeds are paid tax free; consult your tax advisor. Social Security benefits will not be impacted; however other benefits such as Medicaid or supplemental income, like government assistance, may be impacted.These materials are not from HUD or FHA and were not approved by HUD or a government agency.