CONSIDER ALTERNATIVE SOURCES OF INCOME FOR YOUR RETIREMENT
- Home is one source
- Have an available home equity line of credit for immediate liquidity
- Reverse Mortgages:
- Available under the FHA (Federal Housing Administration) backed program, HECM (Home Equity Conversion Mortgage)
- • Available to seniors 62 and over
- • Must live in the home and own it
- • Have no mortgage or a low mortgage balance
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- HECM is tightly regulated:
- • Required to meet with HECM counselor to obtain the loan
- • Information available on U.S. Department of Housing and Urban Development website: www.hud.gov