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Why offer reverse mortgages?

5 Ways That Reverse Mortgages Create More Opportunities for Your Financial Institution

HECM Features & Benefits for Your Senior Clients

  • HECM loans require zero principal payments.*
  • There’s no minimum credit score requirement, and just a modest residual income factor.
  • Flexible terms offer your clients the choice of line of credit, monthly payments, or lump-sum options.
  • The HECM credit lines grow over time. The senior home owner has increasing borrowing power.**
  • HECM is a non-recourse loan. The borrower cannot owe more than the home’s value at the date of sale.
  • The senior borrower always retains title and ownership of the home to pass on to their heirs.
  • The HECM loan can be used for a purchase or refinance transaction.

*The borrower is responsible for taxes, insurance, homeowners’ association dues, and maintenance costs.
**Credit line growth rate is equal to the rate of interest and the MIP factor of .5% combined per year.

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