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Unlock Your Home Equity to Enhance Your Retirement

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No Monthly Mortgage Payments. Just Pay the Property Charges, Like Taxes and Insurance.

Here’s How: Secure a reverse mortgage loan to access the cash you need

Schedule Your Free Consultation

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.

Eliminate Monthly Mortgage Payments

You still must pay property-related taxes, insurance, and upkeep expenses.

Access Equity as Cash

Access a portion of your home’s equity without incurring income tax.†

You Own Your Home

You remain on title and own your home so long as you meet the loan obligations.

Increase Your Cash Flow in Retirement

One pressing concern you may have is whether your savings will sustain you through retirement. Numerous uncertainties, like longevity and unexpected financial challenges, can complicate the answer to this question.

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:

Access a percentage of your built-up housing wealth as cash, fixed monthly advances, or a line of credit
Use HECM loan proceeds at closing to refinance (pay off) your payment-required traditional mortgage
Choose how much or little to pay toward the loan each month or defer payments entirely while living in your home. You must maintain the home and cover property charges such as taxes and insurance

Plus, you can use any remaining HECM loan proceeds as you wish, such as to:

Establishing a rainy-day fund
Enhancing quality of life

Paying for in-home care, long-term care or medical expenses
Paying for aging-in-place renovations

Paying off high-interest credit cards, personal loans, car loans and more

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. By starting your HECM line of credit early, you can enjoy increased financial freedom later in life.

To illustrate, consider the following example based on a monthly interest rate of 6.75% and no withdrawals made:*

(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.

Initial Line of Credit: $200,000

In 5 years: $287,070

In 10 years: $412,056

In 20 years: $848,911

How Is the HECM Line of Credit Different From a HELOC?

While a traditional Home Equity Line of Credit (HELOC) may have lower overall costs, a HECM line of credit offers some distinct advantages that can appeal to older homeowners. Here’s a features comparison chart of the two products:

	Home Equity Line of Credit (HELOC)	HECM Line of Credit
As an adult, is there a minimum age I need to be?	No	62+
Do the unused funds in the line of credit accrue interest?	No	No
Are monthly principal and/or interest mortgage payments required?	Yes	No*
Does the unused portion of the line of credit grow over time to produce greater borrowing capacity?	No	Yes (grows at the same rate as the loan balance)
Is it a non-recourse loan? (Never owe more than the home is worth when it’s sold)**	No	Yes
Are the draw periods limited?	Yes. Typically, there’s a 5- or 10-year draw period (timeframe depends on product)	No
Are there any prepayment penalties?	Depends on product	No
Which product is generally easier for 62+ homeowners to qualify for?	More difficult	Easier
Can the line of credit be frozen, reduced or canceled based on market conditions?	Yes	No

Customer Testimonial: Homeowners Find More Fun, Freedom and Family Time With a Reverse Mortgage

Articles About Reverse Mortgage Loans and Enhancing Your Retirement

Why Fairway Independent Mortgage Corporation?

We’re committed to providing an amazing experience – from loan application to closing and beyond
We’re a national, full-service lender with high customer satisfaction scores
We’re ranked as one of the top 10 mortgage companies in America (by Mortgage Executive Magazine)
As an FHA-approved lender, we can sell HECM reverse mortgages
We’re dedicated to educating consumers, as well as their family members and other trusted advisors, on the pros and cons of reverse mortgages

Schedule an Appointment with Us Today!

Call us or complete the form below to get a free consultation. Together, let’s find out if leveraging home equity is the right move for you and your retirement.

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Unlock Your Home Equity to Enhance Your Retirement

Unlock Your Home Equity to Enhance Your Retirement

No Monthly Mortgage Payments. Just Pay the Property Charges, Like Taxes and Insurance.

Here’s How: Secure a reverse mortgage loan to access the cash you need

Eliminate Monthly Mortgage Payments

You still must pay property-related taxes, insurance, and upkeep expenses.

Access Equity as Cash

Access a portion of your home’s equity without incurring income tax.†

You Own Your Home

You remain on title and own your home so long as you meet the loan obligations.

Increase Your Cash Flow in Retirement

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

To illustrate, consider the following example based on a monthly interest rate of 6.75% and no withdrawals made:*

How Is the HECM Line of Credit Different From a HELOC?

Customer Testimonial: Homeowners Find More Fun, Freedom and Family Time With a Reverse Mortgage

Articles About Reverse Mortgage Loans and Enhancing Your Retirement

Finding Freedom with a Reverse Mortgage Loan

Pros and Cons of a Reverse Mortgage

Moving Closer to Your Grandchildren?

Why Fairway Independent Mortgage Corporation?

Schedule an Appointment with Us Today!

Call us or complete the form below to get a free consultation. Together, let’s find out if leveraging home equity is the right move for you and your retirement.

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