Did you know the HECM was put in place back in the Regan administration? At that time, they were called a Reverse Mortgage. Before you stop listening, these loans have some new rules in place to help 62+ years of age homeowners. Let's start by finding out what is a Home Equity Conversion Mortgage and when it is the best time to use them? This is a Mortgage that is insured. This loan is a nonrecourse loan, what does that mean? this means the insurance funds protects you from any debt against the home above the value of the home, this is an insurance policy that will not put you in a debt situation. If for some reason the value of the home drops below what is owed, the homeowner can stay in the home without payment.
Many Seniors are house rich and cash poor. What does this mean to many of my Senior clients? This means that the funds they need are in the home they live in. To age in place, our senior population needs to get the equity out of the home to pay for things like home healthcare or just subsidy their monthly income. One great strategy for my seniors has been to sell their large homes and buy a home using the HECM for purchase this way, they do not have a house payment and might get money in their pocket.
There are so many great strategies using the HECM, I invite you to listen in to hear what Ted and Aimee have to say about these strategies.
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