HECM Reverse Mortgage for Refinance
What is a HECM Reverse Mortgage for Refinance Loan
A HECM Reverse Mortgage is an ideal tool for seniors looking to enjoy all the benefits of a Reverse Mortgage such as no principal and interest payments for life. With a Reverse Mortgage the equity in the home makes the payments and the borrower is only responsible for typical property expenses such as taxes, insurance and HOAs. Having a Reverse Mortgage has many of the same benefits of owning a home free and clear but without the cost.
With a HECM Refinance the homeowner can take advantage of the equity in the home they currently own to eliminate payments for life, consolidate debt, establish a line of credit or just take out cash to take that dream vacation they’ve always wanted.
Who is eligible for this loan?
Reverse Mortgages are reserved for families where at least one borrower is 62 years of age or older. With Reverse Mortgages there is a minimum equity requirement which is determined by the age of the borrowers, but other requirements such as income and credit are far more accomodating than standard forward mortgages; so even those who are on a fixed income or who may have gone through a bankruptcy or foreclosure in recent years may still qualify.
What are the benefits of this loan?
- Access home equity to consolidate Debts, establish a line of credit, or pull out cash
- Establish monthly payments from the bank to supplement a fixed income
- Reduced income qualifying requirements
- Minimal Credit requirements
- No Mortgage payments as long as the home owner lives in the home