10 Basics of a Reverse Mortgage/HECM loan:

1. It's a lien that lets you access equity (must be 62+ years old)


2. Refinance an existing primary residence OR purchase a new home


3. No monthly mortgage payment required (The homeowners remain responsible for keeping current with property taxes, required insurance and home maintenance)


4. Reverse Proceeds available tax-free


5. Spousal protection


6. You remain on title and own your home (no one is added)


7. Heirs do NOT ever have to pay back more than the home is worth (when selling)


8. Common goal is to pay off existing mortgage, stay in the home and supplement retirement income


9. Proceeds or payment options can be as a Line of Credit for max benefit, but can also be lump sum or fixed monthly amounts, or a combination of these options


10. Government-backed & regulated by HUD/FHA (key for those concerned about prior stigma on Reverse's)

These loans can really benefit Seniors with the right set of circumstances. With more & more Seniors concerned about aging in place and facing hurdles such as: lack of retirement savings, longer life expectancy, SSI benefits possibly being reduced by 23% in 2034, and rising health care costs; it may really help a client, friend or family member of yours by simply beginning the conversation.

Feel free to contact me and ask me any questions you may have. I'm here to be your resource, and I'm happy to learn about your scenario!

Contact me by email at iwright@bayeq.com or by phone at 619.871.4995.

This advertising material is not from HUD or the FHA, and this document is not approved by HUD or by the FHA or any other Federal agency