convert a portion of the equity
in your home into cash
Home Equity Conversion Mortgages (HECM’s), also known as Reverse Mortgage Loans, were created over 25 years ago to help Americans age 62 and older to access a portion of their home equity. HECM reverse mortgages are insured by the Federal Housing Administration (FHA) and allow seniors to age in place and achieve retirement security.
A reverse mortgage loan allows you to turn some of the equity in your home into tax free cash to improve your lifestyle in whatever way you choose. You will continue to live in your home, retain ownership and will not be required to make monthly mortgage payments during the loan period. Because you retain ownership, you must continue to pay property taxes and homeowner’s insurance, maintain the home, and otherwise comply with the loan terms. Failure to comply with the loan terms may result in the loan becoming due and payable. Instead of repaying the loan monthly, the loan balance is repaid when all borrowers have left the home.
- The borrower on the title must be 62 years or older (a non-borrowing spouse may be under age 62)
- The home must be the borrowers primary residence
These materials are not from HUD or FHA and were not approved by HUD or a government agency.