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What is a HECM Reverse Mortgage?The HECM reverse mortgage is a Federal Program for Homeowners at least 62 years of age that allows access of equity in their home without the requirement of making a scheduled monthly mortgage payment. |
How much can I get?The HECM Reverse Mortgage Calculator was developed by the Federal Housing Administration. This Calculator determines how much an individual homeowner could expect to receive based on individual circumstances. These circumstances include the age of the youngest borrowing applicant, the value of the home or Government Limit (whichever is less) and the available interest rates at time of application.
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Is a Reverse Mortgage right for you?HECM Reverse Mortgages are not the solution for everyone. Just because it is what we do, does not mean that we encourage everyone over the age of 62 to get a reverse mortgage regardless of the circumstances. Anyone looking for a temporary or short term financing solution should consider alternative loan products as well. Higher closing costs than traditional loans make the Reverse Mortgage less suitable for a short term situation.
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Reverse Mortgage CounselingThe Government Insured HECM Reverse Mortgage program has a safeguard for the Homeowner that requires them to attend a counseling session with an independent 3rd party that is approved by HUD. This must be done before the processing of an application may commence.
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