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The recently revised Home Equity Conversion Mortgage (HECM) program, commonly known as a Reverse Mortgage, is enjoying a resurgence in popularity among advisors and homeowners. And for good reasons. Not only can you eliminate your mortgage payment with an HECM, a reverse mortgage can also create a source of additional tax-free funds to support your lifestyle, replace lost income such as Social Security, or pay for healthcare expenses, just to name a few. And, at this time, unused funds enjoy a guaranteed growth rate as well.
Another unique use of the reverse mortgage is the “HECM for Purchase” program, whereby you can purchase a new home for half or less than the sales price.
So it is certainly worth considering how a Reverse Mortgage can benefit you in retirement. Contact us for a proposal at (864) 569-0170