What is the HECM Line of Credit?
The HECM line of credit is the most popular option people use to access their funds. This line of credit has NO prepayment penalty and payments are optional. The line will never be shut off and the unused portion of the credit line is guaranteed to increase over time. The HECM is guaranteed by HUD.
Having a HECM loan in general will not affect your social security and Medicare income. If you have Medicaid, please contact your tax account regarding the current amount of funds you are allowed to have in assets at the end of each month. Then you will know how much you can safely withdrawal each month.
If you have a HECM reverse now and then decide to downsize. You simple sell your home, pay off the loan and purchase your new home. You can even use a HECM to purchase a new home. This allows you to not have to pay all cash. Keeping cash liquid in retirement is king.
We maintain a high staff-to-resident ratio to ensure that residents receive the attention and care they need. Our staff is available 24/7 to assist with any needs or concerns.
Rebecca Porter NMLS# 299106
The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The
borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid. This is not tax advice. Consult a tax professional. These
materials are not from HUD or FHA and were not approved by HUD or a government agency.
NMLS #46375 3838 Camino del Rio N Suite 305, San Diego, CA 92108
Licensed by the Department of Financial Protection and Innovation under California Residential Mortgage Lending Act, Branch License # 4131248
CalCon Mutual Mortgage LLC, dba OneTrust Home Loans is an Equal Housing Lender NMLS #46375; 3838 Camino del Rio N Suite 305, San Diego, CA 92108. Corporate phone (888) 488-3807. For more licensing information visit:https://onetrusthomeloans.com/licensing-information/. All products are not available in all states.
All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice. For more information on Reverse Mortgages, visit: https://onetrusthomeloans.com/reverse-mortgage-disclosures/
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