*Just Pay Property Expenses, Such as Taxes and Insurance
Here’s How: Access the funds you need by obtaining a reverse mortgage loan
Most reverse mortgages are Home Equity Conversion Mortgages (HECMs), the only reverse mortgages insured by the Federal Housing Administration (FHA). This webpage discusses HECM loans.
Renovate Your Home and Boost Cash Flow in Retirement
Imagine having the funds to easily afford home upgrades that make your home:
From widening doorways to remodeling bathrooms and kitchens, numerous improvements can increase safety and comfort in your home. Collaborating with an expert in accessible design can help identify beneficial changes. But how do you fund these projects?
Here’s the good news: You might qualify for a Home Equity Conversion Mortgage (HECM), a reverse mortgage loan insured by the FHA, explicitly designed for homeowners 62 and over.
As a HECM borrower, you can:
Plus, you can use any remaining HECM loan proceeds as you wish, such as to:
Harness the Power of the HECM Line of Credit
Unlock the full potential of your HECM line of credit by taking advantage of its compounding growth. As the unused portion of the credit line increases, so does your borrowing capacity. Initiating your HECM line of credit sooner rather than later grants you greater financial flexibility in the future, allowing for potential home enhancements and upgrades down the road.
Here’s a hypothetical example of a 65-year-old borrower utilizing a HECM line of credit for home renovations:*
Remember, home values in many areas across the country are still at or near historic highs. That’s wonderful news for you as a homeowner, especially if you want to put your housing wealth to work.
(Must pay essential property charges, like taxes and insurance)
*This information is provided as a guideline; the actual reverse mortgage available funds are based on current interest rates, current charges associated with loan, borrower date of birth (and that of eligible non-borrowing spouse, if applicable) the property sales price and standard closing cost. Interest rates and loan fees are subject to change without notice.
Home Value: $600,000
Eligible HECM Line of Credit: $200,000
Renovation Costs: $90,000
Remaining HECM Line of Credit: $110,000
Monthly Mortgage Payment: $0†
Customer Testimonial: Reverse Mortgage Loan for Home Improvements
Articles About Reverse Mortgage Loans and Freeing Up Cash Flow
Reverse Mortgage Loans and Home Repairs: Key Insights
The Benefits of HECM Loans for Home Improvement
Reverse Mortgage Helps Retiree Buy Dream Home, Fund Improvements
Why Fairway Independent Mortgage Corporation?
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†This material does not constitute tax advice. Please consult a tax advisor regarding your specific situation.
*Source: https://www.cbsnews.com/news/best-reverse-mortgage-companies-2023/