Common Uses

Live more comfortably with a Home Equity Conversion Mortgage (HECM) loan. Its flexible repayment feature gives you more freedom in how you manage your monthly expenses, and you can use the funds as you choose. For example:

  • Dramatically lower your monthly mortgage payments
  • Consolidate auto loans and high-interest credit card debt, and reduce your bills
  • Improve monthly cash flow
  • Establish a standby line of credit you can tap into as needed
  • Gain payment flexibility, for more financial control
  • Fund large purchases like a new automobile
  • Assist a grandchild headed off to college
  • Fund major home renovation projects
  • Buy a home that better suits you

Depending on your needs and plans, you have the choice of taking your funds as:

  • A line of credit — which offers all the benefits of a traditional Home Equity Line of Credit, but with greater flexibility
  • Monthly advances, either for a set period of time or as long as you live in your home
  • A lump sum
  • Or a combination of these options
  • Plus, you can change how you receive your remaining funds at any time, if you need or want to

With a HECM loan, commonly known as a reverse mortgage, no principal and interest payments are required until you move, pass away or sell the home, as long as you meet your loan obligations. (As with any home-secured loan, you must keep current with property-related taxes, insurance and maintenance for the loan to remain in good standing.) However, you can opt to pay down your principal and interest if and when you choose; no pre-payment penalties apply.

Call me today and see why HECMs are a loan for life.

Mary Alice Cardenas
Reverse Mortgage Specialist, NMLS #468646
Call 415-233-1007

Find out how much you may qualify for.
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I welcome your questions.
Feel free to call 415-233-1007, or send me your questions by email using the form below.

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