For homeowners aged 62 and older, a Home Equity Conversion Mortgage provides a safe way to tap into home equity to pay for what you want or need-without giving up your home. Senior homeowners can withdraw some of the equity in their home in the form of monthly payments for life or a fixed term, in a lump sum, or through a line of credit.

A reverse mortgage can enable a senior home owner and their family to stay in their home while using some of its equity. The total income that an owner can receive through HECM is the maximum claim amount, which is calculated with a formula including the age of the owner(s), the interest rate, and the value of the home. For example, on the basis of a loan at recent interest rates, a 65 year old could borrow up to 26 percent of the home's value, a 75 year old could borrow up to 39 percent, and an 85 year old could borrow up to 56 percent.

Borrowers may choose one of five payment options: (1) tenure (2) term (3) line of credit (4) modified tenure and (5) modified term. The borrower remains the owner of the home and may sell it and move at any time, keeping the sales proceeds that exceed the mortgage balance. A borrower cannot be forced to sell the home to pay off the mortgage, even if the mortgage balance grows to exceed the value of the property. A HECM loan need not be repaid until the borrower moves, sells, or dies.

There is a lot to know regarding a Home Equity Conversion Mortgage. For more information or to start the process, contact us, we would love to help,

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