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That's why we offer a $500 discount in honor of those who have served.†
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†Longbridge’s Military Discount Program is subject to change or cancellation at any time and without notice. This program offering is valid for a credit of up to $500.00 off allowable closing costs. This program offering can only be redeemed with Longbridge Financial LLC, and is available to U.S. military veterans, their spouses, and the spouses of deceased veterans. Documentation of military service is required; acceptable documents include DD214 Discharge papers, VA / military identity card, VA benefits summary/award letter for income, and the VA benefits letter. Loans must close and be funded with Longbridge Financial LLC as the lender in order to receive credit. The credit will be applied to the overall cost indicated on the HUD-1 Settlement Statement at the time of the closing. This offer is not available for Home Equity Conversion Mortgage for purchase transactions. This is not an offer to make you a loan, does not qualify you for a loan, and is not an official loan disclosure. Loan disclosures, including a Good Faith Estimate of closing costs, are provided upon receipt of a completed application. All loans are subject to approval. Program, rates, and additional terms and conditions apply and are subject to change without notice. Offer is not transferrable. This offer is not redeemable for cash or cash equivalents. Void where prohibited, taxed or restricted by law. Restrictions apply.
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What is a HECM home loan?
— Maria
HECM stands for Home Equity Conversion Mortgage, also known as a reverse mortgage.
It’s a loan that allows homeowners aged 62+ to tap into some of their home equity for additional cash:
- Without having to sell the home
- Without having to make monthly mortgage payments (keeping current with property taxes, insurance, and maintenance is required)
This type of mortgage, designed especially for seniors, has been available since 1961 and insured by the Federal Housing Administration (FHA) since 1988.
What are the main HECM advantages?
- Monthly mortgage payments are optional—you can choose to eliminate them to increase cash flow1
- The proceeds are first used to pay off any existing mortgage, and you get the rest—but you can still get a HECM, even if you don’t currently have a mortgage
- You continue to own your home1
- You choose how you’d like to receive your funds:
- A one-time payment, income tax-free2
- Steady, income tax-free monthly payments2
- A line of credit3
- Any combination of these
- You get 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
- Consolidate 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
How Reverse Mortgages Work
Reverse mortgages have become a popular financial tool for homeowners aged 62 and older who are seeking a consumer loan. A reverse mortgage loan allows senior homeowners to access the equity they’ve built up in their home over the years. Unlike traditional “forward” mortgages, reverse mortgages do not require monthly mortgage payments. Homeowners will still be responsible for insurance, property taxes, and maintenance; however, loan repayment is deferred until a maturity event occurs, such as when the homeowner no longer lives in the home. Since monthly mortgage payments are not required,1 seniors typically use their reverse mortgage funds as income tax-free2 cash.
Homeowners who want to qualify for a reverse mortgage must be at least 62 years old and have equity available in their home. Reverse mortgages work by allowing homeowners to convert a portion of their home’s equity into cash, based on the total equity available in the home. Loan proceeds can be received in the form of a line of credit, monthly payments, a lump-sum, or any combination of these options.3 Several factors effect the loan amount which you may qualify for, including your home’s value, your age, and certain property requirements set by the Federal Housing Administration (FHA). You can read more about these requirements here.
- As with any mortgage, you must meet your loan obligations by keeping current with property taxes, insurance, and maintenance.
- Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.
- Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable-rate mortgages.
