A HECM reverse mortgage allows you to convert the equity in your home into cash without selling your home.
Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income.
The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM).
Contact me to see if a reverse mortgage will work for you!
HECM Reverse Mortgage
The Home Equity Conversion Mortgage HECM is FHA's reverse mortgage program that enables you to withdraw a portion of your home's equity.
Cash out Factors
The amount available for withdrawal varies by borrower and depends on:
Age of the youngest borrower or eligible non-borrowing spouse;
Current interest rate; and
Lesser of appraised value or the HECM FHA mortgage limit or the sales price.
In addition to stopping your mortgage payment, you can also cash out equity.
Line of credit
Be 62 years of age or older
Occupy the property
Not be delinquent on any federal debt
Pay ongoing property taxes, insurance, and Homeowner Association fees, etc.
Participate in a consumer information session given by a HUD- approved HECM counselor