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Reverse Mortgage

If you are 62 years of age and older and you have plenty of cash flow to live the way you wish then a Reverse Mortgage or HECM may not be for you. If you find yourself squeezed on cash flow but equity rich in your primary residence then a Reverse Mortgage is probably something you might want to explore.

Who is eligible for Home Equity Conversion Mortgages (HECM)?

  • You must:

  • Be 62 years of age or older

  • Own the property outright or have a small mortgage balance

  • Occupy the property as your principal residence

  • Not be delinquent on any federal debt

  • Participate in a consumer information session given by an approved HECM counselor


The following eligible property types must meet all FHA property standards and flood requirements:

  • Single family home or 1-4 unit home with one unit occupied by the borrower

  • U.S. Department of Housing and Urban Development (HUD) approved condominium

  • Manufactured home that meets FHA requirements.

What is Home Equity Conversion Mortgages (HECM)?

The Home Equity Conversion Mortgage (HECM) is Federal Housing Administration’s (FHA) reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both. 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.

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