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25 Ways to Use a HECM

(Home Equity Conversion Mortgage)

The new reverse mortgage is a versatile retirement funding told that many ways. Here are just some of them:

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A HECM (Home Equity Conversion Mortgage) can help you tap into the equity in your home to create financial solutins that support your retirement goals, protect your savings, and provide peace of mind for today and tomorrow.

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1. Retirement Cash Flow

  1. Pay off your forward mortgage to eliminate your monthly mortgage payment.

  2. Help cover monthly expenses and hold on to other assets while their value continues to grow

  3. Help cover monthly expenses and avoid selling assets at depressed values

  4. Help pay your Medicare part B and part D costs.

  5. Help pay for health insurance during early retirement years until Medicare eligible at 65

  6. Combine life tenure payments with Social Security and income generated by assets to replace your salary and continue a monthly routine of paying bills from new income

  7. Maintain a "standby" cash reserve to get you through the ups and downs of investment markets and prive more flexibility

  8. Fill the gap in a retirement plan caused by lower than expected returns on your assets

  9. Delay collecting Social Security benefit until it maxes out of age 70. 

A reverse mortgage may affect benefits from or eligibility for some government programs such as Supplemental Security Income and Medicard

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2. Healthcare & Aging in Place

  1. Remodel your home to accommodate aging in place

  2. Maintain a line of credit (that grows) for health emergencies and surprises

  3. Help pay for long-term health care needs.

  4. Help pay for short-term-in-home care of physical therapy following an accident or medical episode

  5. Convert a room or basement or a living facility for an aging parent, relative or caregiver

  6. Purchase health-related technology that enables you to live at home alone

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3. Financial Flexibility

  1. Create a set aside to pay real estate taxes and property insurances

  2. Eliminate credit card debt and avoid building new credit debt

  3. Help cover monthly expenses between jobs without utilizing other saved assets

  4. Help cover expenses and avoid capital gains tax consequences of selling other assets

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4. Family & Lifestyle

  1. Pay for your children's or grandchildren's college or professional education

  2. Combine proceeds with the sale of your current home to buy a new home without monthly mortgage payments

  3. Set up transportation arrangements for when you are no longer comfortable driving

  4. Pay for an Uber or Lyft account so you have mobility and access to appointments and social activities

  5. Help your adult children thought family emergencies

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  1. Help pay for a retirement plan, estate plan or a will

  2. Help provide more flexibility and control over how you use your home equity

5. Estate & Retirement Planning

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Explore Your Options

Every situation is unique.
Let's find out how a HECM can help you achieve your retirement goals

Schedule a Consultation
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