For example, you could use it to:
- Refinance an existing mortgage or consolidate debt, to reduce your monthly bills
- Gain more financial flexibility and control
- Pay for large purchases, like a new automobile
- Fund major home renovation projects
- Establish a standby line of credit you can tap into as needed
- Buy a home
- Must be age 62 or older.
- Maintain and live in the home as your primary residence.
- Continue to pay for property related charges such as property taxes, homeowner’s insurance, etc.
- Participate in a consumer information session given by a HUD-approved HECM counselor.
- Subject to credit and underwriting approval.
Watch our short videos to learn more about a home equity conversion mortgage (HECM)