The Home Equity Conversion Mortgage

by | Jun 6, 2024 | Tips | 0 comments

The Home Equity Conversion Mortgage (HECM) loan is the longest-running and most common reverse mortgage insured by the Federal Housing Administration (FHA). There are some unique benefits to having a HECM loan. The first is the non-recourse aspect. With a reverse mortgage, you will never owe the lender more than your home is worth. When it’s time to repay the loan, you or your estate only need to pay back the lesser of what you owe or 95% of your home’s current appraised value.

The second benefit is the Mortgage Insurance Premium (MIP), which is paid to the HUD to ensure that your funds will be delivered to you regardless of the lender’s ability to make those payments.

Is a Reverse Mortgage Right for you?

This loan is a favored mortgage option designed exclusively for homeowners aged 62 and over, allowing them to transform a portion of their home’s equity into a source of income.

Deciding to leverage your home equity requires careful consideration. Who better to utilize the equity you have built up over the years than you, the homeowner(s)?

Consulting with our Certified Reverse Morgage Professional, Sue Milligan, who has over 18 years of experience exclusively in the reverse industry, paired with Eustis Mortgage’s 65 years in the mortgage industry, will ensure personalized guidance and commitment. We strive to give you the best education to help determine the most suitable program to fit your financial desires.

What is a Certified Reverse Mortgage Professional?

A CRPM demonstrates superior knowledge and competency and upholds the highest ethical and professional standards. Discuss your options with our Certified Reverse Mortgage Professional. She is one of the few individuals to have obtained this prestigious designation and is 100% dedicated to enhancing the lives of seniors.