Reverse Mortgage | Financialflexibility

A Retirement Plan Based On Home Equity
also known as a Home Equity Conversion Mortgage

“A financial option, often misunderstood or not considered, delivering additional cash and pease of mind for meeting many current and future financial needs and desires.”

Welcome...

Thank you for stopping by and inquiring about converting your Home Equity to accessible cash, referred to as a Home Equity Conversion Mortgage (HECM).

I'm not only a specialist in Home Equity Conversions, but I'm also a customer and user of this life-changing option for senior homeowners.

As your Home Equity Conversion (HECM) specialist, I'll personally walk you through the process, make sure you are fully informed, follow up after the fact and I'll even go a step further to recommend trusted suppliers if you should have a need.

Allan Berger
HECM Loan Specialist

FAQ's with Allan Berger

Home for Purchase

Memberships

The Senior Estate Concierge

Houston Area Continuity of Care

Greater Houston Builders Association Remodelers Council

Welcome

What Is A Home Equity Conversion And Is It Right Fit For You...

A Home Equity Conversion Mortgage, known as a HECM, converts a portion of your home equity into easily accessible tax-free cash for meeting your needs and dreams. For many, it is their Emergency Fund Life Line, their "just in case"...

An option specifically for homeowners who are age 62 and older with home equity that may help you reframe and strengthen your overall long-term financial planning.

It can be used to meet your planned future and/or unexpected financial needs by becoming a supplement to your social security, retirement, and any other monthly benefits. It also can delay, minimize or eliminate early accessing of your savings, investments, and other assets that are part of your retirement savings funds.

Right Fit

You Own Your Home...

You continue to own your home as long as you live in it!

The accrued loan balance becomes due if you pass away; sell your house; no longer live there as your primary residence, or fail to meet your responsibilities to maintain the property, purchase homeowners insurance, and pay your property taxes. Whereas it was an advanced loan from the equity in your home, the good news is that it does not have to be repaid until being deducted from the selling price of your home at the time your home is sold.

Planning

No Monthly Mortgage Payments...

That's right, no more monthly mortgage payments!

Unlike a traditional mortgage or typical bank home equity loan, when converting home equity to easily accessible cash with a Home Equity Conversion Mortgage, there are no required payments while you live in your home. Any interest and fees applicable to equity funds used are added to the equity loan balance so that the loan balance increases over time. However, the available unused equity funds grow monthly throughout the time you live in your home.

At your option, at any time and without a penalty, the borrowed loan equity funds plus interest and fees can be repaid. Whatever is repaid is added to the existing unused equity funds, all of which grow throughout the time you live in your home.

No Payments

Qualifications And Basis For Your Home Equity Conversion...

What type of home qualifies?

Single-family homes, townhomes, and FHA-approved condos. The home must be your primary residence.

What is a HECM based on?

It is based on the age of the youngest borrower (62-100) and the value of your home. We take 43 to 75% of the appraised value of your home and subtract any loan closing costs, FHA insurance, and existing mortgages (if any) to determine your available HECM loan proceeds. This calculation is determined by the Department of Housing and Urban Development (HUD).**

Qualifications