A Few of the Many Benefits
As a HECM Borrower, you can:
- Access a percentage of your built-up housing wealth as cash, fixed monthly advances or a line of credit.
- Use HECM loan proceeds at closing to refinance (pay off) your payment-required traditional mortgage.
- Pay as much or as little toward the loan balance each month as you want, or you can defer repayment by not making any monthly principal and interest payments for as long as you live in your home. You just have to maintain the home and pay the property charges, like taxes and insurance.