What Is A HECM?
FHA's Home Equity Conversion Mortgage (HECM) program is the official name for what is most often called a reverse mortgage. The HECM reverse mortgage program enables you to withdraw some of the equity in your home with limitations or a single disbursement lump-sum payment at the time of mortgage closing. If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, and are eligible, you may participate in FHA's HECM program. You can also pay down your existing mortgage balance to qualify for a reverse mortgage to eliminate your mortgage payment.
You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.
Find out if a reverse mortgage is right for you.
Reverse mortgages are available to most homeowners that are 62 years of age or older. To find out if you qualify or to get your questions answered, please contact us for a no-obligation, no-pressure consultation. We're local mortgage professionals that provide straight and honest answers without the hard sell.