Home Equity Conversion Mortgage
The new Home Equity Conversion Mortgage program is not like the old program that was considered a product of last resort. The program now requires Financial Assessment ensuring homeowners have good credit and sufficient income. They are administered by HUD (U.S. Department of Housing and Urban Development) and insured by the FHA (Federal Housing Administration). Learn how to use this financial tool to eliminate your mortgage payment, establish a line of credit that increases every year and can never be cancelled, supplement retirement income and pay for long term care. Many of our clients use this untapped source of funds to delay taking Social Security until age 70. This technique takes advantage of the 8% per year guaranteed increase in your Social Security benefit.