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10721 Jackson Lane, Frisco TX 75035

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Home Equity Conversion Mortgage (HECM)

HUD's Home Equity Conversion Mortgage lets homeowners aged 62 or over, with little or no remaining balance on their mortgage, convert their home's equity into cash. The equity can be paid to the homeowner as a lump sum, a stream of payments, a series of draws from a line of credit, or a combination of monthly payments and a line of credit.

Whatever payment plan you select, you do not have to repay any part of this reverse mortgage until you sell the home or vacate it for another reason (unless you violate the loan's terms and conditions). At that time, you pay the loan balance, plus any accrued interest. Any proceeds above that amount go to you or to your estate.

Developed by the Federal Housing Administration (FHA), the HECM mortgage provides a cash growth feature not found with some other reverse mortgages.
 

The Home Equity Conversion Mortgage (HECM) is available from HUD-approved lenders and is insured under the FHA insurance program. Fannie Mae supports the HECM loan program and provides funding for its reverse mortgages.

Consumer Benefits

  • Strengthen seniors' financial independence by providing funds without a monthly repayment burden
     

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2006 Conforming Loan Limits

Number of
Units
Maximum original
principal balance
Alaska, Guam, Hawaii,
and U.S. Virgin Islands only
1 $417,000 $625,500
2 $533,850 $800,775
3 $645,300 $967,950
4 $801,950 $1,202,925

 

 

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OPEN MORTGAGE
10721 Jackson Lane, Frisco TX 75035

PHONE:
214-387-0683EMAIL: info@brown-lending.com

 

"Your reliable Dallas Mortgage Broker and specialist on Texas Mortgage Rates and Home Mortgage Loans."

 

 

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