The Home Equity Conversion Mortgage (HECM), also known as a Reverse Mortgage comes with many unique advantages for seniors age 62 or older.
This HUD regulated, FHA Insured Home Loan was created specifically to help American Senior Homeowners like you by providing alternative options for maintaining their homes throughout their retirement. Adding a little more money to already stretched, senior, budgets by eliminating monthly mortgage payments and reducing your financial obligations to only paying property tax, homeowners insurance and HOA fees if applicable.
All properties must meet FHA property standards and flood requirements.
In order to ensure borrowers will have financial resources to continue to make timely payment of property taxes, insurance and Homeowner Association fees, etc. a portion of the qualifications are based on: