Home Equity Conversion Mortgage (HECM)
If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA’s Home Equity Conversion Mortgage (HECM) program.
HECM for Purchase
HECM for Purchase allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from a reverse mortgage in a single transaction.
HECM and Retirement
For some retirees, a standby reverse mortgage strategy combined with their saving may increase their chances of meeting their retirement goals. They would draw on a reverse mortgage when the financial markets are correcting and their account values are down and preserve their retirement accounts.
Reverse-Mortgages.US is a service of Beacon Rock Wealth Advisors, a registered investment advisory and financial planning firm in Camas, Washington.
Bill Roller, CFA, CFP(R), CMT is the president of Beacon Rock. He is licensed as a mortgage broker (NMLS #107972) in Washington and Oregon. Loans are originated through Prestige Home Mortgage (NMLS #14216) in Vancouver.
Your Next Steps
Get a quote on a reverse mortgage to find out how much money you could receive.