Helping Seniors Gain Financial
Peace of Mind
Providing Real Solutions for Seniors 62 and over since 1989. Insured by the FHA and regulated by HUD.
You retain homeownership and equity is passed on to your heirs.
Are you on a fixed income? Do you have bills or other debts you'd like to pay off? Home improvements? We want to help.
A Home Equity Conversion Mortgage (HECM) is a government sponsored program for Seniors 62 years of age and older, who are looking to reduce or eliminate their monthly mortgage payment. Tax-free cash out is also often available. It is not free money or a government handout. It is a friendly and flexible loan that gives you the option of making any payment that fits your budget, even if that payment is zero. This program allows Seniors to safely tap into their home equity. The HECM is the FHA's version of the Reverse Mortgage.
The HECM is not for everyone, but Seniors with sufficient equity who would like to Eliminate Their Monthly Mortgage Payment, and who can benefit from Tax-Free Cash -- which can be used for any purpose -- are the best candidates.
The HECM is insured by the Federal Housing Administration and is regulated by the Department of Housing and Urban Development, HUD, to protect the Senior.
The FHA has been insuring HECMs since 1989.
With a HECM, no matter what happens in the economy, or to property values, you will never be required to make a mortgage payment. Yet your home still belongs to you, and remaining equity is passed on to your heirs.
You own the home. Your home is collateral just like with a traditional mortgage.
If no payment is made, the loan accrues interest and the balance will increase. Hopefully, your quality of life and the balance in savings account will also increase.
When you no longer live in your home for twelve consecutive months, or when you pass away, the HECM becomes due. You or your heirs have two options:
1) Pay off the HECM including any accrued interest through a refinance, or
2) Pay off the HECM through sale of the property.
Remaining equity goes to you or your heirs. You and your heirs are NOT liable for any shortfall.
We are dedicated to assisting Senior homeowners. Please view our commercial below for more information.
"Our Pathways Representative was professional and friendly, and went above and beyond to make us feel informed and satisfied. I have recommended Pathways to several of my friends."
-Dolores G., West Covina
"We eliminated our mortgage payment and got some cash to remodel our kitchen. Life with a HECM is a big improvement!"
-Joseph Y., Los Angeles
"My Social Security and pension just weren't enough to keep up. I was in a terrible financial bind and was facing foreclosure. The HECM, and Pathways, saved my home and gave me true peace of mind. I can't thank them enough."
-Mary S., Anaheim
We love our customers, so please contact us today to schedule your free consultation. We are Reverse Mortgage and FHA HECM specialists based in Los Angeles and serving all of Southern California.