Enhance Your Financial Security

Consider the benefits of a home equity conversion mortgage, also known as a reverse mortgage. The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program, which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement Social Security, meet unexpected medical expenses, make home improvements, or travel while they are still able.

Home Equity Conversion Mortgage (HECM)

A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free cash without having to sell the home, give up the title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is “reversed.” Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you. Proceeds can be used for anything.

  • Pay Off Your Existing Mortgage
  • Continue to Live in Your Home and Maintain Title
  • Pay Off Medical Bills, Vehicle Loans or Other Debts
  • Improve Your Monthly Cash Flow
  • Fund Necessary Home Repairs or Renovations
  • Build a “Safety Net” for Unplanned Expenses
  • Eliminates Your Existing Monthly Mortgage Payments
  • Loan Proceeds Are Tax-Free and Can Be Used Any Way You Choose
  • Heirs Inherit Any Remaining Equity after Paying off the HECM Loan
  • The HECM Loan Is FHA Insured

Home Equity Conversion Mortgage (HECM) For Purchase

This allows those 62 years of age and older to purchase a new primary residence and obtain a reverse mortgage in a simultaneous transaction with no monthly mortgage payments. How is this done? It is accomplished by allowing buyers to combine the reverse mortgage proceeds with a down payment from their current home sale or other assets.

What Can You Purchase?

  • Purchase a Primary Residence Suitable for Your Current Needs
  • Purchase a Home in a Senior Housing Community
  • Move into a New Home That’s Easily Accessible with Modern Amenities
  • Move to a Smaller, Easier-to-Maintain Home
  • Relocate Closer to Friends and Family Members

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