Welcome!
Bruce Drown
C2 Financial Services Inc.
WHAT IS A HECM?
The Home of Equity Conversion Mortgage, or HECM, is a mortgage loan specifically designed for homeowners 62years and older.
It allows borrowers to convert a portion of their home equity into liquidity without:
-Giving up title to their home
-Meeting the underwriting guidelines of traditional Mortgages.
-Taking on a monthly payment.
While there are no pre-payment penalties, the reverse mortgage comes due when the last remaining borrower or eligible non-borrowing spouse no longer live in the home as their primary residence
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