Back on April 5, 2022, The New York Times published an article highlighting how the Home Equity Conversion Mortgage (HECM) can be used when creating a comprehensive financial plan for retirement.
When homeowners consider tapping the equity in their home, they typically think about refinancing their current mortgage in a cash out refinance, or a traditional home equity line of credit, (HELOC). However, if one of the homeowners is 62 or older, there is a third option that needs to be considered – the FHA insured Home Equity Conversion Mortgage (HECM).
This article was originally posted at https://www.inspectionsupport.net/resources/importance-of-home-inspections-for-seniors/ and is posted here with permission.
Can you refinance a home equity conversion mortgage? Yes, this is where you pay off an existing HECM with a new HECM loan. And here’s why…
I cannot recall a better time to get a reverse mortgage. Rates are the lowest that I’ve seen, and property values are still high.
If the FHA insured reverse mortgage, known as the Home Equity Conversion Mortgage (HECM), is anything, it is an incredibly flexible financial instrument.