Buy a new home with no mortgage payment for life
Alexia: Tim, you are serious, with a HECM Loan, I can increase my cash flow , and I don’t have to have a mortgage payment?
Tim: HECM, Home Equity Conversion Mortgage , is the safest type of reverse mortgage. It’s FHA’s version of the reverse mortgage.
Alexia: Ok, so , but like my house can be taken away.
Tim: Oh, no. Absolutely not, you get to hold the deed. This is just a mortgage, like any other mortgage. FHA just gives you the option of not making a mortgage payment.
Alexia: Are you sure?
Tim: Yeah..You still own the house.
Alexia: Well, thats a win- win. I
Tim: It’s a WIn- Win- Win.
Alexia: WE should tell people.
Tim: We should.