Home Equity Conversion Mortgage
A versatile way to access your home equity and support your retirement goals.
Harnessing the Power of Reverse Mortgages
The Home Equity Conversion Mortgage (HECM) is a government-insured reverse mortgage program for homeowners aged 62 and older. It allows borrowers to convert home equity into usable funds, whether for purchasing a new home or financing an existing one. This flexibility makes it appealing for retirees seeking to downsize to a smaller, low-maintenance home. By accessing their home equity, retirees can potentially lower living costs, supplement income, or cover unexpected expenses without monthly mortgage payments. With the HECM, borrowers retain ownership of their home and the right to stay as long as they meet loan obligations.
Home Equity Conversion Mortgage is a versatile retirement tool that can be utilized in many ways.
Pay off existing mortgage to reduce monthly expenses
Maintain a line of credit for health emergencies and surprises
Protect retirement portfolio and avoid selling assets at depressed values during down market
Pay for health insurance during early retirement years until Medicare eligible at 65
Pay for long-term care needs
Increase cash to help ensure monthly bills are paid
Obtain funds for home repairs or upgrades to accommodate aging limitations
Create a set aside account to pay real estate taxes and property insurance
Pay for family emergencies
Purchase a new home to fit lifestyle needs1
Mortgage Resource Center
Wheelhouse Credit Union has been serving the needs of San Diegans since 1934 – we are San Diego Made® and proud. We are best known for our commitment to helping both our Members and our beautiful city thrive and look forward to assisting you in finding the perfect home loan to achieve your goals.
The Wheelhouse Difference
Wheelhouse Credit Union has been serving San Diegans since 1934 providing value, convenience and highly personalized service to Members living and working in our community. With a bold commitment to sustainability and dedication to causes that improve the life of all San Diegans, our team is committed to leaving San Diego better than we found it.
Disclosures
*Reverse mortgage borrower(s) must occupy home as primary residence and remain current on property taxes, homeowner’s insurance, and any Homeowners Association fees. The borrower(s) must maintain the property to meet HUD standards or risk default. The loan will become due and payable when the last borrower or eligible non-borrowing surviving spouse dies, sells the home, permanently moves out, defaults on property taxes, homeowner’s insurance payments, neglects home maintenance, or does not otherwise comply with the loan terms. The subject property may be subject to a tax lien, other encumbrance, or foreclosure in the event of default. The lender may charge an origination fee, mortgage insurance premium, closing costs, and servicing fees, which will be added to the balance of the loan. The balance of the loan grows over time and the lender will charge interest on the balance. Interest may not be tax-deductible until the loan is partially or fully repaid. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. This information is intended to be general and educational in nature and should not be construed as financial advice. Consult your financial advisor before implementing financial strategies for your retirement.