Why Use a Home Equity Conversion Mortgage?
There are a variety of reasons why people get this type of loan. Some get it to fulfill for an immediate need while others use it to plan for the future.
Planning for Now:
Increase monthly cash flow by eliminating your monthly mortgage payment*
Pay for healthcare and medical expenses
Have the ability to do more during retirement
Make a substantial purchase (like a vacation home, car, etc.)
Planning for the Future:
Use the money received to live on now so other investments can be used later after having more time to grow
- Delay using other retirement benefits until payouts are higher
- Have funds in place for future or unexpected expenses
- Have access to all funds available in your line of credit, regardless of changes in your home’s value
Eligibility Fact: The home can be paid off or have an existing mortgage.