Are you of retirement age and in need of some extra cash? Why not tap into your biggest asset, your home! With options of either fixed monthly amounts or a line of credit, a HECM could be the answer to your financial concerns.
The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both. In order to qualify for a HECM you must be of retirement age, 62 years old. While HECMs are typically used to withdraw the equity in your existing home, you are able to structure a HECM for purchase as well.
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