Reverse Mortgages...the HECM Equity Line of Credit

By
Mortgage and Lending with Fairway Independent Mortgage Company 385907

Seniors, and our friends,

a favorite saying of mine, and something I like to think about occasionally is;

 

you don't know what you don't know

 

so, what do you know about a HECM Equity Line?

a little? not much? nothing at all?

here's some basics, which I feel are important.

the equity line is guaranteed and cannot be closed at the lenders whim. even if the balance of your mortgage exceeds the value of your home, if there are available funds they can be used.

the equity line grows, that's right grows on an annual basis, currently about 5%

there are NO PAYMENTS!

the funds are available at your descretion, to be used for any reason.

i could go on, and on, and on about how this can help you...and i will

at another time. 

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Topic:
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Location:
Florida
Groups:
Realtors®
All Things Florida
Mortgages
Florida Realtor® Network
Posts to Localism
Tags:
mortgages
seniors
west palm beach
reverse mortgages
boca raton
palm beach county
jupiter
florida
over 62

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Rainmaker
1,777,722
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

This why it's so important to reach the Vocational finish Line - Free & Clear !!!

Aug 10, 2018 07:10 AM #1
Rainmaker
285,923
Jay Beckingham
Fairway Independent Mortgage Company - Delray Beach, FL
Seniors ROCK!

i'm not sure free & clear is a goal. utilizing the equity responsibly as a senior can protect your other investments and increase the quality of life.

Aug 10, 2018 07:15 AM #2
Rainmaker
3,826,579
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jay, had not heard of this, so thanks for sharing! 

Aug 10, 2018 07:32 AM #3
Rainmaker
285,923
Jay Beckingham
Fairway Independent Mortgage Company - Delray Beach, FL
Seniors ROCK!

over the last 24-36 months we have had significant positive changes to the HECM program. Personally i had to fly to wisc for 3 days of training when i started with Fairway even though i had been doing reverse mortgages for 7-8 years. we want all of our reverse mortgage planners to be well trained on the program...ps; we have a strong presence in Co. and if you would like anyone to contact you with additional information that would be my pleasure.

Aug 10, 2018 09:23 AM #4
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Rainmaker
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Jay Beckingham

Seniors ROCK!
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