The HECM, or Home Equity Conversion Mortgage, is what is commonly know as the “Reverse Mortgage”. This is a government-insured product, that is made specifically for homeowners 62 years of age or older who have a significant amount of equity in their primary residences. Not just for individuals who are house rich and cash poor, this product can help you access the equity in your home, very similar to a cash-out refinance, but with the HUGE benefit of no monthly mortgage payment required!
Now, the number one concern we get is “Are my children going to be able to get my house when I am gone?”, and the simple answer is yes. They actually get a choice of what to do with the home, but that is something we will go over in full detail on our initial call. The big takeaway is that this is no longer the terrible product of the past where the banks just got your home, and your children were left with nothing. With Moneylink Mortgage, you can feel comfortable getting more information about this fantastic product!