Better read this if you are 62 or older and still making mortgage payments.

More than 1 million seniors have taken advantage of this “retirement secret.”

It’s a well-known fact that for many older Americans, the home is their single biggest asset, often accounting for more than 45% of their total net worth. And with interest rates near all-time lows while home values are still high, this combination creates the perfect dynamic for getting the most out of your builtup equity.

But, many aren’t taking advantage of this unprecedented period. According to new statistics from the mortgage industry, senior homeowners in the U.S. are now sitting on more than 7.19 trillion dollars* of unused home equity.

Not only are people living longer than ever before, but there is also greater uncertainty in the ecomony. With home prices back up again, ignoring this “hidden wealth” may prove to be short sighted when looking for the best longterm outcome.

All things considered, it’s not surprising that more than a million homeowners have already used a government-insured Home Equity Conversion Mortgage (HECM) loan to turn their home equity into extra cash for retirement.

It’s a fact: no monthly mortgage payments are required with a government-insured HECM loan; however the borrowers are still responsible for paying for the maintenance of their home, property taxes, homeowner’s insurance and, if required, their HOA fees.

Today, HECM loans are simply an effective way for homeowners 62 and older to get the extra cash they need to enjoy retirement.

Although today’s HECM loans have been improved to provide even greater financial protection for homeowners, there are still many misconceptions.

For example, a lot of people mistakenly believe the home must be paid off in full in order to qualify for a HECM loan, which is not the case. In fact, one key advantage of a HECM is that the proceeds will first be used to pay