Eliminate Your Existing Montly Morgage Payments

senior couple with money and calculator at home


by Peter Nastasi, Sierra Pacific Mortgage, NMLS ID: 1707

Many Homeowners across the nation have chosen a Home Equality Conversion Mortgage (HECM) to help them meet financial and personal goals. A HECM loan can be a smart and secure financial option for seniors who want to tap into a portion of equity in their home to gain access to tax-free funds.

Funds Available, Distribution Options, Interest Rates, and Costs

  • Fixed and variable loan rates may be available
  • Most closing costs and fees can be financed as part of the loan, resulting in little or no up front fees
  • Amount available is based on the age of the youngest borrower, current interest rates, existing mortgage amount, and the lessor of the appraised value of your home, sales price or the maximum lending limit.
  • Receive your funds in a lump sum, a regular monthly payment, a credit line, or a combination of these options.
  • The funds available to you may be restricted for the first 12 months after loan closing, due to HECM requirements. You may need to set aside additional funds from loan proceeds to pay for taxes insurance. Consult your adviser for detailed program terms.


  • Homeowner must be at least 62 years old
  • Must have sufficient equity in your home
  • Single family home, two to four unit 3 owner-occupied home, townhouse, approved condominium, or manufactured home
  • Must meet financial eligibility criteria as established by HUD


  • Eliminates existing monthly mortgage payments
  • Stay in your home and maintain the title
  • Heirs inherit any remaining equity after paying off the HECM Loan Program
  • Loan proceeds are tax-free

Peter Nastasi, Branch Manager, NMLS ID: 1707sp-logo

Direct: 401.533.5390 | Office: 401.270.1740| [email protected]


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