September 21st, 2023 2:10 PM by Ken Morley
If you are a homeowner, 62 or older, and struggling to keep on a budget with the high cost of most everything, a Reverse Mortgage with a HECM Line of Credit (LOC) could give you the peace of mind you have been looking for. You can set up your mortgage so there are no monthly payments and put a HECM LOC behind it to free up the cash in your home. The HECM LOC cannot be frozen or reduced and normally will increase over time. Most traditional Home Equity Lines of Credit (HELOCS) have a set time frame (usually 10 years) and then you have to begin to paydown the balance where a HECM LOC can last as long as your home is still considered your primary residence and you don't have to make a payment. There is no minimum credit score requirement although your credit history is taken into consideration. If you would like to learn more simply give us a call at (303) 650-9400. There is no upfront cost or obligation just information to help you make your decision.