A HECM is a reverse mortgage that converts the equity in a home into a source of available funds for the senior borrower. A reverse mortgage is a loan option for homeowners 62 and older that lets you access the cash built up in your home, like tapping into a credit card for your house. Instead of making monthly payments, you receive money from the loan, either in a lump sum, monthly payments or a line of credit

The loan balance becomes due and payable when the borrower either sells the home, no longer occupies it as their primary residence, or upon the death of the last surviving borrower. A HECM/ reverse mortgage can be a helpful tool, but it's important to weigh the pros and cons carefully before choosing to proceed. Let’s discuss your individual situation to determine your options.