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Pay off debt, especially high interest credit cards using a HECM.

One way to pay off high interest credit card debt is with a Home Equity Conversion Mortgage (HECM). A HECM allows you to access the equity in your home and use it to pay off debts. This can be an especially attractive option when dealing with soaring interest rates on credit cards, as it may make more financial sense than keeping up with those payments. With a HECM, you can convert some of your home’s equity into cash—without having to sell the property or take on a new monthly mortgage payment. You also retain ownership of your home. Depending on your age, location, and other factors, you may have access to different levels of loan proceeds that could enable you to pay off even large amounts of debt. It’s important to do your research and speak with a financial advisor before making any decisions about using a HECM to pay off debt, as it could have tax implications or other consequences that may not be suitable for your particular situation. But if used properly, a HECM can be an effective way of getting out of the debt trap and finally taking back control of your finances.

Visit our Reverse Mortgage (HECM) page for  more information.


Phone: 833.5280.LOANS

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