With a Reverse Mortgage Loan, Monthly Payments Are Optional!
Instead, borrowers must pay for home maintenance, property taxes, and homeowner’s insurance.Â
Here’s why:
The Home Equity Conversion Mortgage, or HECM, is the most common type of reverse mortgage loan.
It’s what most people actually mean when they talk about reverse mortgages and is what we’re referring to on this page.
HECMs are home secured loans, which means the sale of the home is responsible for paying off the loan.
So when a homeowner accesses their home equity through a HECM, the loan payout is first applied to any outstanding mortgage loan balance.
This ensures that the homeowner (or their heirs) never have to make HECM payments out of pocket. They can if they want to—for tax purposes for example—but only if they want to!
Beating Inflation and Boosting Quality of Life
What Could That Do For You?
For most homeowners of retirement age, monthly mortgage payments are a huge drag on quality of life. Here’s what many do with their financial freedom:
HECMs Offer So Much More! Here’s a Preview:
No Changes to HomeownershipÂ
When a borrower takes a HECM loan on their home, they remain the sole owner of the home just as they were before. They can stay in the home or sell it as they choose.
Tax-Free Payouts*
The payout is tax-free and can be received in a number of ways, including lump sum, monthly payments, a line of credit with guaranteed growth of unused funds, or a combination.
Protections for Peace of Mind
The Federal Housing Administration (FHA) guarantees the borrower (or heirs) will not pay out of pocket if the loan exceeds the home’s value at the time of sale, and much more!
Boosting Home Buying Power
HECMs can be used to purchase new homes. This can not only enable someone to buy a more expensive home, they will also have the same HECM benefits on the new home.
Why Work with Leslie and Movement Mortgage?
When You Work with Leslie, You Know:
Leslie has helped numerous seniors access the equity in their homes to improve their quality of life in retirement.
Many of His Clients Have Been with Him for 25+ Years
He Makes the Loan Process As Simple As Possible
He Believes in Custom Solutions—Not One-Size-Fits-All
Movement Is an “Impact Lender”
Any mortgage lender that commits at least 10% of its profits to helping the neighborhoods it serves is an Impact Lender. By giving borrowers the choice to have profits distributed to do good in communities, lenders can create deeper, more valuable connections.
At Movement, we are Impact Lenders. We give 40%-50% of our profits to making an impact in our communities. For us, purpose and people have always come before profit. And while we’re the first Impact Lender, we hope we’re not the only one. We invite all lenders to be Impact Lenders.
Let’s Get Moving
Whether you’d like to stop making monthly mortgage payments, want to move closer to family or more, I’m here to help.
*consult a tax/financial professional