Home Equity Conversion Mortgages (HECM)

So, what is a reverse mortgage? 

It is a Federally-insured reverse mortgage loan backed by the U. S. Department of Housing and Urban Development (HUD). If you qualify, a HECM loan would enable you to withdraw a portion of your home’s equity. which can be used to pay for unexpected expenses, such as nursing home costs or long-term care. It could also provide you with additional cash flow for all the expenses you have. As long as all loan terms are met, the loan does not require repayment until the last surviving borrower permanently moves out of the home, or passes away. Eligibility:

  • Must be a homeowner and either own home outright or have significant equity; must live in the home as  a primary residence (live there 6+ months per year)Borrower(s) must be 62 years or older
  • The property must be a single-family home, 2- to 4-unit dwelling or FHA-approved condo
  • Must meet minimal credit and property requirements
  • Must receive reverse mortgage counseling from a HUD-approved counseling agency
  • Must not be delinquent on any federal debt

Home Equity Conversion Mortgage for Purchase (H4P)

An H4P (a type of HECM which is also backed by the FHA) enables qualified, senior homebuyers to purchase a new primary residence that better suits their needs and obtain a reverse mortgage in one transaction. You can use an H4P 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. This type of HECM reverse mortgage, if it is offered in your area, may allow you to:

  • Build a new customized home
  • Relocate closer to friends and family members
  • Purchase a home in senior housing community
  • Downsize to a smaller, easier-to-maintain home
  • Purchase a primary residence suitable for your current needs
  • Move into a new home that’s easily accessible with modern amenities

*NOTE: The HECM reverse mortgage product has a loan limit of $765,600 in
2020 and $726,525 in 2019. However, other loan products are available; please contact us for more information.

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