~By Jim Doyle ~
More than one million seniors have used a Home Equity Conversion Mortgage (HECM) loan to retain ownership of their homes while helping them enjoy a more secure retirement, using the extra cash to supplement their retirement savings. A reverse mortgage could literally change your life!
HECM loans, often called reverse mortgages, are insured by the Federal Housing Administration (FHA) and designed to help seniors tap a portion of the equity in their homes to increase monthly cash flow during retirement. Here’s how a reverse mortgage could benefit you:
If you qualify and your loan is approved, the first thing your HECM will do for you is automatically pay off your existing mortgage in full so that you will no longer have any monthly mortgage payments to worry about. Eliminating monthly mortgage payments will immediately put extra cash in your pocket. What would you do with hundreds, maybe thousands of extra dollars in your pocket each month?
With a HECM loan you may convert a portion of your available home equity into extra cash. The money is paid to you 100% tax-free and your Social Security or Medicare benefits will generally not be affected. (Please consult your financial advisor.) You decide how to use the money from the loan. Many people use the money to pay off debts, repair or modify their homes, or cover medical expenses.
Many seniors in Colorado, just like you, pay off their existing mortgage and enjoy their retirement to the fullest. The amount of money that will be available to you is determined by the appraised value of your home, the amount of equity in your home, and the age of the homeowners. Contact your Reverse Mortgage Specialist for additional information and a proposal created just for you!
Jim Doyle is the Branch Manager and Reverse Mortgage Specialist at Security First Financial Mortgage in Centennial, CO. As a Reverse Mortgage professional he handles the entire loan process by offering a no-commitment client consultation, assistance with application completion, help scheduling an appraisal to assess the value of your property, and closing services. By having oversight and control in-house, Jim can ensure a smooth and worry-free Reverse Mortgage process for you, the client. Jim consistently achieves the highest customer satisfaction rating in the Denver Metro market.
Direct: 303-875-5994 | JimDoyle@SecurityFF.com | NMLS# 335659