A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) lets qualified borrowers convert a portion of your home’s equity into cash. With a reverse mortgage, you can eliminate your mortgage payment and receive a monthly check to supplement your income. Best of all, you can still stay in your home.
There are several ways you can access the money from your reverse mortgage, including:
- Line of credit—Draw as needed up to the maximum eligible amount
- Lump sum—Receive a lump sum of cash at closing (only available on fixed-rate loans).
- Tenure—Receive monthly payments for the life of the loan.
- Term—Receive monthly payments for a specific number of years.
For more information about reverse mortgages, including complete eligibility requirements, contact us today.