Hecm Home Equity Conversion Mortgage

HECM Reverse Mortgages and home Equity Conversion Mortgages for Seniors

Reverse Mortgages as currently configured by FHA are a very effective way for seniors to decrease their expenses (Mortgage Payments) and in many cases increase their income in retirement (Reverse Mortgage Non-Taxable Line of Credit).

So, What do Reverse Mortgages do?

A Reverse Mortgage will allow seniors over 62 years of age. based on the youngest borrowing spouse to withdraw a significant portion of their home equity and make no payments until you leave the home, or make regular or random payments as you may wish.

The amount available is subject to several variables such as:

► The age of the youngest borrower, or non-borrowing spouse

► The lesser of the appraised value or the HECM FHA limit, or the sales price

► The current interest rate

And More

Call today at (720) 951- 3921 for more, and current information.

We work for you!

What can i do with a reverse mortgage?

Reverse Mortgages can be used for purchases, such as a townhouse when downsizing from a larger, more maintenance intensive family home. Contact us to learn more!

HECM Counseling

Borrowers will be required to meet with a HUD approved FHA Reverse Mortgage HECM counselor prior to acceptance.

This is for your benefit!

What are the Borrower requirements?

Must be 62 years or older

► Own the property or have considerable equity

► The property must be your primary residence

Not be delinquent in any Federal debt

► Have the financial resources to pay for property taxes, insurance, HOA fees, Maintenance costs, ect.

► Participate in the above mentioned HECM counseling

What are the Property requirements?

Eligible property must meet all FHA property standards and flood requirements.

Below are the types of properties currently eligible:

Single Family home or 2-4 unit home with borrower occupying one unit

HUD approved condominium

Individual condominium units that meet FHA single unit approved requirements

Manufactured homes that meet FHA requirements

What are the Financial requirements?

Income, assets, monthly living expenses, and credit will be verified as with all mortgages.

Timely payments of real estate taxes, hazard and flood insurance premiums will be verified.

What about adjustable interest rate mortgages?

For adjustable rate mortgages you can select from a list of plans:


■ Equal monthly payments as long as at least one borrower lives in and continues to occupy the property as a principal residence


Equal monthly payments for a fixed number of months selected

Line of Credit

Unscheduled or installment payments at times and in an amount of your choosing until the line of credit is exhausted

Modified Tenure

Combination of loin of credit and scheduled monthly payments for as long as a borrower remains in the home

Modified Term

Combination of line of credit plus monthly payments for a fixed period of months selected by the borrower

For Fixed interest rate mortgages, you will receive a single disbursement lump sum payment plan.

Source: US Department of Housing and Urban Development

The HECM FHA mortgage limit is $822,375. Call Denver Mortgage Company today for information about commercial jumbos up to $3,000,000

Requirements, rates, and circumstances are in a constant state of flux in today's economy. Contact Denver Mortgage Company Limited today for the most current and most accurate information concerning these and all other types of mortgages.

Call Bill Grabow at:

(720) 951 - 3921