I’m 81; it’s our primary residence, no mortgage – free and clear. Never having obtained the HECM as a disclosure, the pros, and cons of the HECM product are: 1. Borrowing against your equity only.
Fha Fixed Rate 30 Year 30 Year Fixed Mortgage Rates – Still at Historic Lows! – The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then stable-rate loans are usually cheaper.