What’s the difference between a Reverse Mortgage and a HECM Mortgage?
a Specialist Now: 855-523-4326
There isn’t any: both refer to the same Federal Housing Administration-insured loan program for homeowners age 62 and older. Whether you’ve heard about a “HECM Mortgage,” “Home Equity Conversion Mortgage,“ “HECM Reverse Mortgage,” “HECM Loan, ” or “Reverse Mortgage,” it’s all the same thing: a program designed for older adult homeowners to tap into their home equity and get cash to use as they wish.
No matter what you call it, it offers a number of advantages:
- No monthly mortgage payments required1
- You continue to own your home
- You choose how you’d like to receive your funds:
- One-time, tax-free payment2
- Steady, tax-free monthly payments2
- A line of credit
- Any combination of these
- Independent, HUD-approved counseling to help you understand your options
Get extra cash for whatever you need most:
- Keep up with everyday bills and living expenses
- Eliminate or reduce credit cards or other debts
- Help with healthcare costs, making it easier to “age in place”
- Set aside funds for unexpected expenses or long-term care
- Make home updates, repairs, or modifications to live more comfortably
- Help out family members with major expenses
A HECM Mortgage can be an important part of your retirement plan.
To learn more, click here or talk to a Longbridge specialist at 855-523-4326.
1 Borrower must continue to pay property taxes, insurance, and maintenance.
2 Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.