What is a
HECM Plan? A HECM Plan is a special type of Plan that enables Seniors to
tap into the equity in their home and receive cash, a tax-free monthly
income, and/or a line of credit, or combinations of these. There are no
income, asset or credit qualifications and there are no monthly payments
to make. The Plan is not repaid until the Seniors permanently leave their
home. Reverse Mortgage of America's HECM Plans are backed by the U.S.
Government (HUD/FHA) and Seattle Mortgage a 62 year old major financial
How Do I
Qualify? A HECM Plan is easy to obtain, provided that: (1) The Seniors
(and/or their spouse) one of them is at least 62 years of age or older.
(2) they occupy the home as their primary residence, and (3) they have
equity in their home (proceeds of the reverse mortgage can be used to pay
off existing liens or mortgages.)
What Can I
Do With the Money? The Senior can use the money (and are entitled to) from their HECM
Plan in any way they choose. For instance:
Pay off a
Pay off debt
Buy a new car
tuition or gifts to family
or even stop
The possibilities are endless. And, the funds are all tax-free.
Much Money Can I Receive? The amount of money you receive from a HECM Plan is determined
by the home value, the number and age of the homeowner(s) and the current
interest rate from HUD. A representative from Reverse Mortgage of America
will assist in evaluating their options and calculating the maximum amount
of money that will be available to them.
How Do I
Receive My Money?
With a HECM Plan, the Senior has five (5) payment options to choose from:
(1) Tenure Option or Lifetime Payment - Receive equal monthly
payments for as long asthey occupy their home as their primary residence
(2) Line of Credit - Draw cash from their HECM Plan whenever and in
whatever amount their choose up to the available limit. Interest is only
charged on the funds drawn from the line of credit.
(3) Lump Sum Cash Advance - They can receive all of their money in
a lump sum upon the closing of the HECM Plan.
(4) Modified Tenure - Set aside a portion of the loan proceeds as a
line of credit in addition to monthly payments.
(5) Term - Receive equal monthly payments for a fixed period of
time they select. For instance - five (5) or ten (10) years.
comments, or suggestions?
Please contact us:
American Midwest Mortgage Corp.
Thank you for visiting !
Tim Bradford -- OHIO
MB.803389/LO.007173 ---- NMLS CO.142066/LO.250013
2010 American Midwest Mortgage Corporation.