FHA Reverse Mortgage - HECM

FHA offers a Reverse Mortgage know as the "Home Equity Conversion Mortgage" that will allow the owner of the home to get cash based on the equity in the home in a fixed monthly amount, a line of credit or a combination of both.

FHA Reverse Mortgage Quick Facts...

• Borrower must be at least 62 years of age
• Borrower must own the property and use it as their primary residence
• Borrower can not be currently delinquent on any Federal debt
• Borrower must meet with an Approved FHA HECM counselor
• The amount the owner can borrow is based on the borrower's age, current rate and appraised value of the home
• No income or credit validation is required by the borrower
• No repayment as long as the property is the principal residence
• Closing costs can be financed in the mortgage

An FHA Reverse Mortgage may or may not be the right decision for you or your loved one. We recommend that you click here to speak with an FHA Reverse Mortgage Specialist or read more at the official FHA website to gain a better understanding and see what you qualify for.