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Contact our team of Reverse Mortgage Specialists and let us provide a complimentary consultation. We will explain in detail exactly how the loan works, see what options may be available to you, and answer any questions that you or your loved ones might have.

FirstBank Mortgage Hotline: (877) 865-6706.

Aging in place (AIP) is a fantastic option. Independent living modifications can be rather expensive. Aging in place costs considerably less than assisted living care, but it's not free.

Some Important Considerations in order to determine your needs and options:

Are you having trouble getting safely around your home?
Does your home need updates or improvements, safety or otherwise?
Would minor changes to your home make it more livable and for a longer time?
Do you need help financing your home repairs?

If you are 62 years of age or older and have equity in your home, a reverse mortgage may turn that equity into cash. You may use the money to repay your existing mortgage, then take any remaining funds as a lump sum, a line of credit, monthly income or any combination thereof. Unlike a traditional mortgage, no repayment is required until the home is sold or the owner permanently moves out or passes away.*

Best of all, proceeds are tax-free and you retain title to your home.

How to Obtain Access to Loan Proceeds Without Selling Your Home

H.E.C.M = Home Equity Conversion Mortgage

What is a H.E.C.M. Mortgage Loan?

It's a special type of loan that enables borrowers who are at least 62 years of age to convert some of their home equity into loan proceeds that are typically tax free  (consult your tax advisor).

What is a Home Equity Conversion Mortgage? Most of the public calls this a “reverse mortgage”. It is a federally-insured mortgage program that allows you to use the equity in your home and turn it into usable cash. As long as you continue to live in your home, you will make NO monthly mortgage payments and do not have to pay the loan back until you leave the house permanently. To qualify you must: Be age 62 or over; and Own your own home and live in it as your principal residence; and Have enough equity in your home or qualify for enough funds from a reverse mortgage to pay off any existing mortgage if there is one.

Conversion Mortgages can be complex transactions, as there is a lot to learn and understand. You should carefully seek out the people you will deal with based on their knowledge, experience and reputation. That is also why you will be required to participate in a housing counseling session. Counseling is an additional mandatory safeguard.

As my mother told me: if it sounds too good to be true, it probably is. I know this thought jumps into your head when you start to read about a Home Equity Conversion Mortgage – ‘free’ money from my home with no monthly payment???? If you are 62 or over, you may have just found the goose that laid the golden egg.

Offering senior homeowners ways to convert their home equity into useable cash.

Home Equity Conversion Mortgages are such an unfamiliar, peculiar idea that perhaps we should have expected that not everyone knows all the details about them. There are many misconceptions around about HCEM's and how they work - we need to set the record straight with important and useful information.

When it comes to planning for your retirement income, it's easy to overlook some of the common factors that can affect how much you'll have available to spend.

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