Today I’m joined by Larry Reed of Retirement Funding Solutions to discuss the home equity conversion mortgage (HECM). This is a unique type of mortgage designed for people aged 62 or older who are buying a primary residence. 

The Myrtle Beach market is a big retiree market, and let’s face it: Nobody wants a mortgage in retirement. The HECM allows people in this situation to make a one-time down payment and never have to worry about a mortgage payment again for the rest of their lives. 

Follow along in the video above to see our full conversation of how this mortgage works and how it can benefit you. I’ve also provided timestamps so you can skip ahead to various sections at your leisure:

1:12—A more detailed explanation of what an HECM is and how it keeps retirees from running out of money
2:05—How this program benefits you
3:18—The older you are, the less you’ll have to pay 
3:51—If you pay cash, you can get a lot more home for a lot less money 
4:35—A story from  one of Larry’s clients who’s had a tremendous impact on him
6:41—Why the HECM also boosts sellers’ leverage 
8:10—Some final odds & ends 

If you’d like to know more about the HECM program and how it can benefit you, you can email Larry Reed at lreed@rfslends.com or give him a call at (803) 269-1053. 

If you have any questions for me or there’s anything else I can help you with, feel free to call or email me anytime. I’d love to help you.