CASH & LIQUIDITY
The Home Equity Conversion Mortgage (HECM) allows you to convert the equity in your home into a liquid asset.
All of FirstBank’s HECM products are insured by the Federal Housing Authority (FHA) and HUD.
This particular type of mortgage loan does not have a minimum credit score requirement.
3 Ways To Get Cash From Your HECM Mortgage
Lump Sum Upfront
A lump sum upfront is often used to pay off an existing mortgage, or expensive credit card debt or unexpected bills.
Supplement your pension or social security income.
Line of Credit
A line of credit is a financial safety net; it provides instant access to cash whenever you need it.
Meet with a expert Mortgage professional from FirstBank to learn about your specific numbers, what you qualify for and an analysis of your particular situation.
HUD counseling is mandatory for all HECM borrowers. You will receive a certificate of completion when done, in order to show us that you have successfully completed the session.
Our Experts will consult and guide you through the application process.
After you have completed your counseling and the initial application, we will arrange for an appraisal of your property. This will tell us the official market value in order for us to calculate the final amounts to you.
We (the lender) will begin to process your paperwork. This process includes the appraisal, title report, and checking the balance of any liens/mortgages to be paid.
We forward your file to the loan underwriter for final approval and will work to satisfy any requirements needed to close the loan.
CLOSING & FUNDS DISBURSEMENT
Once your loan has been approved by underwriting we will contact you to arrange for the signing of your final loan documents.