HECM Reverse Mortgages
A way to stay in your home, reduce monthly payments, and free up cash!
HECM Reverse Mortgage
Over one million Americans have used HECM reverse mortgages to help them in their retirement years. A HECM (short for Home Equity Conversion Mortgage) is a traditional reverse mortgage for borrowers 62 and older. Loan limits and qualifying factors are based on guidelines set by the government.
Why choose a HECM reverse mortgage?
Reduce your monthly payments: With a reverse mortgage, your current mortgage (if any) will be paid off with your loan proceeds and no monthly mortgage payments will be required. You will only be responsible for your property taxes, homeowners insurance, and home maintenance costs.
Supplement income: You’ll receive tax-free1 cash from the equity in your home, which you can use however you please.
Pay off debt: Many borrowers find relief in using their loan proceeds to pay off their credit card debt or medical bills.
Home improvements: Use your funds on that new kitchen you’ve been longing for or for necessary home updates.
Reserve funds: Your new funds can allow you to have an emergency reserve fund for unplanned expenses.
Travel: Many people want to travel more in retirement. A reverse mortgage can make your dreams of travel a reality.
1Please consult a tax advisor.
HECM Reverse Mortgage FeaturesHere's why an HECM Loan may be right for you.
- For homeowners at least 62 years old
- Access money from your home equity
- No monthly mortgage payments required
(property taxes, homeowners insurance, maintenance fees must still be paid)
- Retain ownership of your home2
- Use loan proceeds however you'd like!
- Must use your home as your primary residence
HECM Reverse Mortgage FAQ's
Find answers to some of the most common questions about HECM reverse mortgage loans.
For borrowers to be eligible. you must meet the following:
- One homeowner must be 62 or older
- You must own and occupy the home as your primary residence
- You must have sufficient home equity.
The easiest way to see if you are eligible for a reverse mortgage would be to contact us and speak with a loan officer.
When speaking with one of our loan officers, they will take the following into account to determine how much you can receive:
- The age of the youngest borrower
- The value of the home
- Any liens currently on the home
- Current interest rate
Contact us today for a free financial analysis to determine what you qualify for.
Yes! Just like a traditional mortgage, you will continue to live in and own your home. As the homeowner, you will be required to continue to comply with all loan terms and include paying your property taxes, homeowners insurance, and maintenance costs.
No! A HECM reverse mortgage is a non-recourse loan, which means you or your heirs can never owe more than the value of the home.
If your loan balance is less than the value of the home at the time the loan is due, your heirs will receive any additional equity (if the home is sold).
You may take your funds as a lump sum, a line of credit, monthly payments for a specified time, or a combination of these.