Common Uses
Live more comfortably with a Home Equity Conversion Mortgage (HECM) loan. Its flexible repayment feature† gives you more freedom in how you manage your monthly expenses, and you can use the funds as you choose. For example:
- Dramatically lower your monthly mortgage payments
- Consolidate auto loans and high-interest credit card debt, and reduce your bills
- Improve monthly cash flow
- Establish a standby line of credit you can tap into as needed
- Gain payment flexibility, for more financial control
- Fund large purchases like a new automobile
- Assist a grandchild headed off to college
- Fund major home renovation projects
- Buy a home that better suits you
Depending on your needs and plans, you have the choice of taking your funds as:
- A line of credit — which offers all the benefits of a traditional Home Equity Line of Credit, but with greater flexibility
- Monthly advances, either for a set period of time or as long as you live in your home
- A lump sum
- Or a combination of these options
- Plus, you can change how you receive your remaining funds at any time, if you need or want to
† With a HECM loan, commonly known as a reverse mortgage, no principal and interest payments are required until you move, pass away or sell the home, as long as you meet your loan obligations. (As with any home-secured loan, you must keep current with property-related taxes, insurance and maintenance for the loan to remain in good standing.) However, you can opt to pay down your principal and interest if and when you choose; no pre-payment penalties apply.
To learn more, contact me today.
Larry McAnarney
Reverse Mortgage Specialist, NMLS #21059
Call 815-703-4745 | lmcanarney@mutualmortgage.com
Mutual of Omaha Reverse Mortgage
1 E 22nd St. Ste 401
Lombard, IL 60148
Corporate NMLS ID 1025894