Live in Your Home With No Mortgage Payment
With a Home Equity Conversion Mortgage
Many homeowners across the nation have chosen a Home Equity Conversion Mortgage (HECM) to help them meet financial and personal goals. A HECM loan can be a smart financial option for seniors who want to tap into a portion of equity in their home to gain access to additional funds.
Funds Available, Distribution Options, Interest Rates and Costs
You must still live in the home as your primary residence, continue to pay required property
taxes, homeowners insurance, HOA fees and maintain the home according to Federal
Housing Administration requirements.
Federal Housing Administration (FHA) mortgage insurance premiums (MIP) will accrue on your loan balance. You will be charged an initial MIP at closing. The initial MIP will be 2% of the home value not to exceed $13,593. Over the life of the loan, you will be charged an annual MIP that equals .5% of the outstanding mortgage balance.
The above advertisement has not been approved or endorsed by FHA or any other government agency.