What is a Flexible Mortgage in Nashville, Tennessee and how does it work?
A Flexible Mortgage is a loan against your home, available to homeowners 62 years or older. A HECM Flexible Mortgage Loan through FirstBank allows seniors to convert part of the equity in their homes’ into cash. The beauty of a flexible mortgage payment is that borrowers have the ability to make a payment that suits their needs each month, even if the borrower chooses to make no payment at all.
Could you use extra money for the holidays?
Yes, you decide how much you want to pay each month, even if that is choosing to pay nothing at all! FirstBank’s HECM Flexible Mortgage loan is typically purposed to help homeowners, 62 years or older use the accumulated wealth in their home to cover basic monthly living expenses and pay for health care. However, many people use this option for a variety of additional expenses that may arise during the year.
HECM mortgages are insured through the Federal Housing Administration’s HECM Home Equity Conversion Mortgage program and is a federally insured loan. This insurance makes it so that neither you nor your heirs would actually owe more than what the house is actually worth. This feature is actually makes this loan a safe and secure way to tap into homes equity.
We can help you with your HECM Flexible Mortgage loan anywhere in Tennessee. You can schedule a free session with our Loan Specialist Chris Brundige by calling 901-472-1301
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*Homeowner is still responsible for paying property taxes, insurance, and property maintenance.