Jim and Shirley wanted their home to work better.
After paying cash for a condo, they used a HECM line of credit for improvements while leaving their existing investments in place.
Read Jim and Shirley’s storyPut the home to work for your goals
Give your next expense another possible funding source.
The roof, an unexpected repair or a planned improvement can put your savings under pressure. A reverse mortgage line of credit may give you another way to fund the need while keeping other resources available.
Available funds can change the conversation.
An eligible homeowner may use a HECM line of credit to borrow funds as needed, within the available credit. You can review it alongside cash, an investment withdrawal or other borrowing. Richard will compare the costs and the effect on your home equity with the flexibility you want.
Bring your goal and a general description of the home. An initial review can determine whether a current illustration is worth preparing and which alternatives belong beside it.
Your comparison can show
- Estimate available credit after existing liens and closing costs.
- Compare a planned draw with keeping borrowing capacity available for later.
- Review upfront costs, interest on borrowed funds, projected balance and ongoing obligations.
A closer look
Know what comes with the benefit.
This is borrowing capacity, not investment earnings or income. Draws, interest and fees affect the loan balance and remaining equity. Availability depends on the loan terms and continued compliance with property charges, maintenance and occupancy requirements.
HECMs are generally available to eligible homeowners age 62 or older and require independent counseling. Some proprietary programs have different age and property requirements. The review will focus on the options available for your circumstances.
Read loan and licensing disclosuresSee what the numbers make possible.
Start with what you’d like to change. From there, a mortgage illustration can be prepared if the situation appears to fit. You can include the family members or advisors you want at the table.