HOME EQUITY CONVERSION MORTGAGES FOR SENIORS
Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM)
There are many factors to consider before deciding whether a HECM is right for you. To aid in this process, you must meet with a HECM counselor to discuss program eligibility requirements, financial implications and alternatives to obtaining a HECM and repaying the loan. After you have completed an application, (1009) we will give you a list of HECM counselors in your area. In person, by phone, online, and more available.
Reverse Mortgage Loans
Reverse Mortgages are specialty loans designed for retirees. Reverse Mortgages are the loan that lets you pick the way you want to repay your mortgage.
You can make no payments at all and pay your mortgage off when you leave the home.
You can make regular payments, occasional payments, or no payments.
Under some circumstances a reverse mortgage is the only way for seniors to stay in their homes.
Frequently a reverse mortgage makes a major difference in the ability to retire comfortably.