What is an HECM loan? Often times people hear the term HECM loan and they don’t understand what HECM stands for. HECM stands for Home Equity Conversion Mortgage, also know as an FHA Reverse Mortgage. A HECM is the only Reverse Mortgage insured by the Federal Government.
This loan program is great for individuals age 62 and over who have equity in their home and want to supplement their income. There are several different options available to a borrower of an Idaho FHA Reverse HECM Mortgage. A borrower can take out a lump sum, receive monthly payments or set up a line of credit for a rainy day. The borrower can also do a combination of payments meaning they can take out a lump sum and then also set up a line of credit.The reason many individuals are interested in HECM’s is that they do not have to make any form of payment to the lender for as long as they live in the home.
There are many Common FHA Mortgage Questions and myths about HECM’s and most of them are false. The most common question I tend to run across is “will I have an estate to leave to my heirs”? The answer to this questions is YES!! If the borrower on the loan passes away for whatever reason and the property is sold the heirs will receive any surplus from the sell of the property.
For more information on Idaho HECM FHA Reverse Mortgages feel free to call or email me.
Andy Radke
Hyperion Capital Group
Mortgage Consultant
Direct: 208-859-5825
LoanswithAndy@gmail.com
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