Make home updates that support how you want to live. With the right updates, you may be able to make your home:
- Safer and more accessible
- More comfortable for everyday living
- Better suited for long-term needs
- More valuable
With a Home Equity Conversion Mortgage (HECM) loan, eligible homeowners can:
- Access proceeds as cash, fixed monthly payments or a line of credit
- Use funds to refinance (pay off) a traditional mortgage
- Choose to make payments toward the balance (or defer repayment) while living in the home and meeting loan obligations such as paying taxes and insurance
Any remaining HECM loan proceeds can be used based on your priorities, including:
- Home improvements and/or aging-in-place renovations
- Paying down higher-interest debt like credit cards
- Covering major expenses
- Supporting healthcare or in-home care needs
- Building a financial reserve
The flexibility of the HECM Line of Credit
A HECM line of credit offers ongoing access to funds, with the unused portion potentially increasing over time. This can provide additional flexibility for both current projects and future needs.
Home values in many areas across the country are still at or near historic highs. That’s wonderful news for homeowners, especially if you want to put your housing wealth to work.
Customer Stories: Utilizing Reverse Mortgage Loans to Finance Home Renovations
Why Fairway Independent Mortgage Corporation?
Fairway Independent Mortgage Corporation is a national mortgage lender with top-notch customer service.
We’re committed to providing an amazing experience – from loan application to closing, and beyond.
- We’re a national, full-service lender with high customer satisfaction scores
- We’re ranked as one of the top 10 mortgage companies in America by Mortgage Executive Magazine
- As an FHA-approved lender, we can sell HECM reverse mortgages
- We’re dedicated to educating consumers, as well as their family members and other trusted advisors, on the pros and cons of reverse mortgages
Schedule an Appointment With Us Today!
Call us or complete the form below to schedule a free consultation. Together, let’s find out if leveraging home equity is the right move for you and your retirement.
†This material does not constitute tax advice. Please consult a tax advisor regarding your specific situation.
*Source: cbsnews.com/news/best-reverse-mortgage-companies-2023