Protect Your Health, Without Compromising Your Financial Stability
Healthcare needs can change over time, and maintaining financial flexibility can help.
With the right plan in place, you may be able to use home equity to help:
- Pay for long-term care insurance premiums (before you need care)
- Cover deposits for assisted living or nursing care (for example, the care is needed for one spouse and the other still lives at home)
- Fund short-term or ongoing in-home care
- Manage medical or healthcare-related expenses
Planning ahead for potential care needs can help reduce financial pressure later on. For many homeowners, home equity is one of their largest untapped assets and may serve as a resource to support both health and financial goals during retirement.
Here’s the good news: A Home Equity Conversion Mortgage (HECM) is a reverse mortgage loan insured by the FHA and designed for homeowners age 62+. It allows you to convert a portion of your home equity into accessible funds.
With a HECM loan, you can:
- Access a percentage of your home equity as cash, fixed monthly payments, or a line of credit.
- Use HECM funds to refinance (pay off) a traditional mortgage (if you still have one).
- Choose how much or little to pay toward the loan each month or defer payments entirely while living in your home. You must maintain the home and cover property charges such as taxes and insurance.
Additional funds can be used for a variety of needs, including:
- Healthcare, long-term care, or in-home support
- Home updates to support aging in place
- Paying down higher-interest debt like credit cards
- Covering larger or unexpected expenses
- Building a financial cushion
The value of a HECM
A HECM line of credit provides flexible access to funds when you need them. The unused portion may grow over time, which can offer additional support for future expenses, particularly those related to healthcare.
With home values remaining strong in many markets, your home may represent a meaningful financial resource. A HECM reverse mortgage loan is one way to access that value and apply it toward your evolving needs in retirement based on your individual situation.
Customer Stories: Reverse Mortgages and Financial Security for Medical-Related Expenses
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