Chris- I would argue you have not effortlessly ended up selling your residence with an other mortgage. You can promote our home, refinance the home, you might alter rules when. There aren’t any handcuffs on the HECM, it simply will provide you with alot more choice and you may independence whether your products of the advancing years you prefer them.
I might propose another direction and that i believe youre lost the larger point. Sure you are direct because the new borrower try deferring focus and shedding equity home that have a face-to-face financial (just like one financial the commission to expend an onward home loan must are from somewhere, hence brand new home are losing security). Read More