Following are the HECM advantages:
- Continue to live and own the home without having mortgage payments
- Increase cash flow in a lump sum or monthly payments or a combination of both
- Determine how you wish to receive your benefit disbursements
- Adjust your payment options to meet your current needs
- Repay the loan at any time without penalty
- Never owe more than your home is worth, regardless of the remaining accumulated loan balances on a non-recourse loan
- Minimal income or credit qualifying restrictions
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