HECM - Home Equity Conversion Mortgage or Reverse Mortgage. The bank will now buy back the house from you - paying you their mortgage every month, or in one lump sum upfront. You essentially get to spend the rest of your golden years at your home because the monthly payments are in perpetuity.
HELOC - Home Equity Line of Credit. Tap into your equity that you've invested in your home over the years. Convert your equity into an available line of credit.
While these may be attractive options to everyone, these FHA insured loans must be in your best financial interest - have one of our advisors walk you through the process.
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