You’re retired or retiring.  Your high power earning opportunities have peaked.  Your home mortgage is nearly paid off.  You want to enjoy the fruits of your labors.  What if you wanted some extra cash would you qualify for a mortgage to pull cash out of your home?

What if your income has appreciably changed and your credit scores or debt-to-income ratios don’t match lender guidelines? You may find yourself on the outside looking in.  To receive a Home Equity Line of Credit you would not only need the equity, but also good credit, and income requirements among other required parameters.  Might the dream trip, help for your kids or even your helicopter landing pad be scrapped if you aren’t able to access your equity?

With a HECM reverse mortgage qualifying is not debt-to-income dependent.  And not entirely credit score driven either.  You must have made your mortgage payments, if any, over the past 24 months and you must have paid your property taxes and homeowner’s insurance when due.  Combine that with the primary borrower being age 62 and above and you are well on your way to releasing your equity to put your money to good use.

Here is a chart outlining some of the differences between a HECM (Reverse Mortgage) versus a HELOC (Home Equity Line of Credit).

Sound interesting?  We’d love to chat with you about your specific needs and wants.  Please complete the no obligation form on our Home Page and we’ll contact you promptly ~ possibly even before the helicopter pad construction folks do!