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The HECM Reverse Mortgage Line of Credit is still relatively new and consumers should be interested!
When you have a Line of Credit, you have money available to you to use — but you only accrue interest on the money you withdraw. This means the line of credit can act as an excellent back up source of funds or can be used for retirement.
This line of credit has other perks too. Not only are you not paying interest or monthly loan payments, but your untouched line of credit will grow in value. And with home values at record highs, you are guaranteed to lock in the value of your home now, even if the value was to fall later.
The normal Reverse Mortgage qualification requirements still apply: age 62 or over, loan based on primary residence which meet HUD’s guidelines, and borrower must have the financial capability to continue to pay homeowners insurance, property taxes etc…
Editor’s Note: This article was submitted by Jan Jordan with Mutual of Omaha, Reverse Mortgage, NMLS 543249. She may be reached at 970 646 8908
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