Did you ever hear of a HECM? That is a Home Equity Conversion Mortgage – or more commonly called, a reverse mortgage. This program with its unusual acronym just might be what you are searching for these days.
Maybe you would like to pay off your first mortgage and keep out some cash to pay off other bills – or get yourself in better stead to weather this economy. With a reverse mortgage, this is completely possible!
The concept is a simple one ~ seniors over 62 with equity in their home, can tap into that equity while paying nothing out of pocket at time of closing. Although this type of mortgage is not cheap – you roll the upfront costs into the loan – it can put you in a position to keep the home you may be loosing.
The best thing to do is to call your Realtor® and get in touch with a reputable lender to lead you through the process. Call us, or shoot us an email – and we’ll be glad to help you make that connection.