Reverse Mortgage

Over 1 millions homeowners age 62 and older have already taken advantage of Home Equity Conversion Mortgages, also known as HECM. These are government insured loans. More and more retirees are enjoying a secure and comfortable retirement.

What you really need to know

• There are no monthly mortgage payments. The homeowner MUST continue to pay the property taxes, home insurance, and Home Owner Association dues (if any).

• Borrowers must meet the credit requirements for whichever program they select.

• HECM loans are insured by the Federal Housing Administration (FHA) meaning you have the backing and security of the federal government branch

• The property deed will always remain in your name

• You can use a Reverse Mortgage (or HECM) to even purchase a new home. Call Patrick at 773-354-3135 for details.

• Each borrower must receive a counseling certificate from a HUD Approved HECM Counselor, for the homeowners added protection.