Home Equity Conversion Mortgages for Seniors

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What is a reverse mortgage?

5 Benefits of a Reverse Mortgage

  • You still own your home.
  • You never pay a monthly mortgage payment.
  • You can choose how to use your money.
  • Social Security and Medicare are never affected.
  • You are more protected with a Home Equity Conversion Mortgage than a Home Equity Line of Credit.

Reverse Mortgage – Home Equity Conversion Mortgage 

A Home Equity Conversion Mortgage (HECM) Reverse Mortgage is FHA’s reverse mortgage program, which allows borrowers of age 62 or older to convert a portion of their home equity into cash.

To aid in this process, you must meet with a HECM counselor to discuss program eligibility requirements, financial implications and alternatives to obtaining a HECM and repaying the loan. Counselors will also discuss provisions for the mortgage becoming due and payable.

We’re here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way. You can fill out the application by clicking here.

Loan Program Details

• 62 years of age or older
• 1-4 family home or FHA approved condo
• Property must be borrower’s primary residence
• Substantial equity in their home
• Participated in HUD-approved HECM counseling
• Borrower’s estate can never owe more than the home’s worth
(non-recourse).
• The DEED to the home stays in borrower’s name.
• You never need to make a mortgage loan payment. However, you
must still pay taxes and insurance.