What if you had an Uncle Hecm.  And he told you that he'd be willing to loan you say $200,000, at a relatively low interest rate, like 5%... and you wouldn't have to make any payments until you either died or sold your home.  What could you use that money for?  Anything, right?

You could use that money to start a business.  You could use it to consolidate debt or payoff student loans.  You could use it to buy a second home or maybe a motorhome.  You could use it to pay capital gains taxes... or settle a lawsuit. You could use it for absolutely anything.

Who wouldn't want an Uncle Hecm?  The answer is no one.

See also HELOCs Are Bad for Older Homeowners. Better Options Exist.

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