The HECM FHA insured reverse mortgage can be used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. The loan, commonly known as HECM, is funded by a lending institution such as a mortgage lender, bank or credit union.
Age 62 years of age or older
Own your property
Occupy your property as primary residence
Participation in a consumer information session given by an approved HECM counselor
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The HECM FHA insured reverse mortgage can be Mortgage Amount Based On:
Initial requirements:
Age of the youngest borrower
Current interest rate
Lesser of appraised value or the FHA insurance limit
Financial Requirements:
No income or credit qualifications are required of the borrower
No repayment as long as the property is the primary residence
Closing costs may be financed in the mortgage
Property Requirements:
1 family home or 1-4 unit home with one unit occupied by the borrower
Condominiums or Planned Unit Developments (PUD) must be HUD-FHA approved
Meets minimum property standards (Borrower may fund repairs in the mortgage)