Home Equity Reverse Mortgage
The
Home Equity
Conversion Mortgage
(HECM)
The HECM is a reverse mortgage that is a HUD designed and FHA insured mortgage. It allows senior Americans to access the equity in their homes. The money can be used for any purpose. The home must be kept as the primary residence, properly insured and the taxes must be paid.
Eligibility
To qualify the home owner must be 62 years in age or older. There are no credit or income requirements. The home must be a primary residence.
Safety
The HECM is totally safe as long as the homeowner uses the home as the primary residence, keeps it properly insured and pays the taxes. The home always stays in the name of the homeowner. It is a non-recourse mortgage which means that the FHA insures that the loan amount will never exceed the value of the home.
Education
To learn more about the HECM, contact one of our mortgage specialists to meet with you and your family and advisors in your home, or if you prefer in our office to get more information on the FHA insured Home Equity Conversion Mortgage.
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