For homeowners aged 62 and older in Santa Barbara and Ventura Counties, a Home Equity Conversion Mortgage (HECM) can be more than just a way to access home equity—it can also serve as a valuable standby line of credit. This financial strategy offers flexibility and security, helping you manage unexpected expenses and plan for the future.

What is a HECM?

A Home Equity Conversion Mortgage (HECM) is a type of reverse mortgage that allows seniors to convert a portion of their home equity into cash. Unlike traditional mortgages, a HECM does not require monthly mortgage payments. The loan is repaid when the homeowner sells the home, moves out, or passes away.

Benefits of Using a HECM as a Standby Line of Credit

1. Financial Flexibility: A HECM line of credit provides access to funds when you need them, allowing you to handle unexpected expenses or take advantage of financial opportunities without dipping into your savings.

2. Growth Potential: The unused portion of your HECM line of credit grows over time, increasing your available credit and providing more financial security in the future.

3. No Monthly Payments: There are no monthly mortgage payments required with a HECM, which helps improve your cash flow and reduce financial stress.

4. Access to Equity: Use your home equity as a safety net, giving you peace of mind knowing you have funds available for emergencies or planned expenses.

5. Preserve Savings: By using a HECM line of credit, you can preserve your savings and investments, ensuring they remain available for other needs.

Is a HECM Line of Credit Right for You

To determine if a HECM line of credit is a suitable option, consider the following:

• You must be 62 years of age or older.
• The home must be your primary residence in Santa Barbara or Ventura County.
• You should have significant home equity

Getting Started

Consult with a knowledgeable reverse mortgage loan officer to explore how a HECM line of credit can enhance your financial strategy. They will guide you through the process, explain the benefits, and help you determine if this option aligns with your financial goals.

Secure your financial future with a HECM standby line of credit. Contact us today to learn more about how this smart financial strategy can benefit you in Santa Barbara and Ventura Counties.