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Financial Backup Plan.com
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EQUITY CONVERSION MORTGAGE
The Home Equity Conversion Mortgage or (HECM), is considered a refinance of your home whether you have an existing mortgage balance or none at all.
The loan is a federally insured loan that enables you to withdraw some of the equity in your home or use the loan proceeds to buy a new primary residence that you will occupy. The HECM is a safe alternative resource that can provide you with greater financial security and independence. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements and more.
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