We at First American Home Loans put our clients' interests above all else and promise a smooth and transparent loan process.
"The staff at First American Home Loans was very friendly and informative. They took the time to undertand our needs and kept us infomed at all times during the process. Now that our loan is closed, my wife and I both agree that this was the best decision for our family."
"We have the peace of mind that we will never have to move or make another mortgage payment."
"Also with the additional cash and savings, we were able to remodel our kitchen and go on a long-overdue vacation!"
A HECM allows homeowners age 62 and older to enhance their retirement by eliminating their monthly mortgage payment and convert the equity in their home into tax-free* cash. Just pay taxes and insurance.
The Department of Housing and Urban Development (HUD) created the program because they understood that the majority of retirees are on a fixed income. The (FHA) Federal Housing Administration insures the program, guaranteeing seniors are protected.
*Consult a tax professional.Pay off credit cards, medical bills and other debts or obligations.
Get funds for home improvements and build a safety net for unplanned expenses.
Yes, you will still own your
home and remain on title.
No, you may sell or refinance
at anytime without penalty.
Yes, they may pay off the balance and keep the home or sell the property and keep the remaining funds once the balance is paid off.