A HECM lets an eligible homeowner convert part of the home’s equity into cash — a line of credit, a lump sum, or a term payment — without a required monthly principal and interest payment. Taxes, insurance, and occupancy still have to be kept current.
We see these files from long-time owners in Steubenville, Wintersville, Newark, and the surrounding towns who want to stay in the house and stop a forward payment, or who need a controlled draw on equity.
Federal rules require independent HUD counseling before we can take an application to underwrite. We send you to counseling first and take the file after.
