How do borrowers use HECMs?

Most borrowers take a simple line of credit to have for emergency funds or help with daily expenses. But many borrowers also us a HECM for the reasons below:
a. Pay an existing mortgage off.
b. Create a monthly annuity payment.
c. Refinance an amortizing HELOC.
d. Buy a new, more “age-in-place” appropriate, home with a HECM for Purchase.
e. Finance Long-term Care (LTC) Health Insurance.
f. Protect existing investments.
g. Buy a 2nd home using HECM for Refinance on Primary residence.
h. Create tax planning strategies.
i. Smooth out seasonal or part-time income.
j. Use to facilitate or finance a divorce.
k. Make a charitable contribution instead using a Charitable Gift Annuities.

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