Your home is your castle. Whether you built it yourself or worked 9-5 for twenty years to afford your dream home, every homeowner in California knows they have a slice of paradise.
With a Home Equity Conversion Mortgage, you're not obligated to make a monthly mortgage payment, you're just required to maintain the home and pay insurance premiums, property taxes and any applicable HOA fees. This means the keys (and title) to your castle stay in your hands — not the banks.
Designed by HUD for folks 62+, the loan proceeds go towards paying off any existing mortgage or HELOC. The rest of the loan proceeds can be taken as cash, monthly check, or a line of credit. Or any combination. It's your choice. After all, it's your equity.