DID YOU KNOW? A Home Equity Conversion Mortgage or HECM is a federally insured mortgage program for homeowners that are 62 years old or older. The HECM; also called a reverse mortgage, allows the homeowner to withdraw equity from their primary residence or can be used to purchase a new primary residence. HECM loans are a safe alternative resource that can provide greater financial security and independence during retirement. Loan proceeds can be used for any purpose, from paying off a current mortgage, making home improvements, or establishing a financial safety net with a line of credit to meet future needs. Unlike traditional equity loans, payments are received instead of making them. As long as the home is owner occupied, a payment toward the loan will never be required. The only requirements are that the home is maintained and the taxes and insurance are keep current. This is a great time for individuals (seniors and their families) to be researching and asking questions about how a HECM loan can provide financial security and peace of mind. For more program information and specifics, please contact me for a free personalized consultation.