Top 5 reasons to consider a HECM or Reverse Mortgage

• Eliminate monthly mortgage payments

With a reverse mortgage, you can pay off any existing mortgage balance and stop having to pay a monthly mortgage payment.*  And, dependent upon the amount of equity you’ve built into your home you might also have access to cash to use for life events.  

• Buy a new home without a monthly mortgage payment obligation

Looking to downsize, right size, move closer to family? You can use the HECM loan to buy a new home. You can buy a home with a 35%-50% cash down payment, retain 65% - 50% of your cash, and you’ll have no obligation to make a monthly mortgage payment for as long as you live in the property.* Very few people understand that the HECM can be used to purchase a new home. The HECM for Purchase loan was implemented by HUD in 2009 and FHA insured.

• It’s a smart part of your “life” planning: The Reverse Mortgage line of credit for life events

By opening a reverse mortgage line of credit, you provide access to equity when you need it. And, when you’re not using any of the funds in the line of credit, the line of credit available to you grows. Think of the peace of mind for:

• Unexpected medical bills
• Stay at home health care
• Needed home repairs or renovations
• Unplanned life events like your air conditioning going out
• You want extra money for travel

• The reverse mortgage to support a longer & more comfortable retirement

Avoid Sequence of Returns Risk
By using a reverse mortgage line of credit, you can access equity at a cost of 3% to 5% interest, rather than selling stocks at 10% to 30% loss. When stock prices recover, some can be sold to repay the line of credit with no prepayment penalties. With this strategy, a reverse mortgage line of credit can be the best tool to use to ensure the sustainability of a retirement portfolio.

Delay Social Security Benefits
Delaying Social Security benefits to age 70 might be a best to help you maximize your benefits. Each year benefits are deferred past the age of 65, your benefits can increase by up to 8%. By securing a reverse mortgage line of credit against the home, consumers can use necessary funds needed in retirement until age 70.

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  An insurance policy for life: When You Get a Reverse Mortgage, You Can Stay in Your Home for as long as you choose

With a reverse mortgage you own the home and you and your spouse can live in the home for as long as you want without making a monthly mortgage payment.* And, you know your spouse has a home to live in should something happen to you.

*You must stay current on taxes, insurance, HOAs and maintain the property