FHA Loans - HECM (FHA Reverse Mortgage)

What is a HECM Loan?
A HECM or Home Equity Conversion Mortgage is loan that allows older homeowners to withdraw some of the equity in their home. This type of FHA Reverse Mortgage enables the homeowner to receive money in the form of fixed monthly payments for life or fixed terms, through a line of credit or in one full payment.

A HECM mortgage can also be used to purchase a primary residence when the borrower is 62 years of age or older and is able to use cash in hand to pay the difference between the reverse mortgage and the sales price plus closing costs for the property.

HECM Requirements
A HECM mortgage has the following requirements that need to be met in order to be eligible:

• Current homeowners must be 62 years of age or older
  
  
• They must own their home outright or have a low mortgage balance that can be paid off at closing with proceeds from the reverse mortgage.
  
  
• The home must be their principal residence.
  
  

Want more information now?
Contact one of our FHA Mortgage Consultants to learn how FHA financing can benefit you and get started now with FHA financing! Fill out the Form to the right to get started or call us at (888)790-0292

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