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| Home Equity Conversion Mortgage (HECM -- Reverse Mortgage) |
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Home Equity Conversion Mortgage (HECM -- Reverse Mortgage)
A HECM is a unique type of mortgage that allows homeowners age 62 or older to take full advantage of the equity in their homes. You are able to take your money either as a:
- Lump-sum
- Equal monthly payments
- A line of credit that you use as you see fit
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| | Remember you don't make any payments on this loan and it is not paid back until the last borrwer permanently leaves the home. |
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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