The Home Equity Conversion Mortgage (HECM) is a loan program insured by the Federal Housing Administration (FHA) and trusted by hundreds of thousands of Americans 62 years of age or older. Commonly referred to as a "Reverse" mortgage that allows homeowners to access the equity in their current home, the HECM can also be used as a purchase loan.
HECM Refinance to withdraw equity in your current home
HECM Purchase with less stringent credit & income requirements
If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount of the home you live in, you may participate in FHA's HECM program to withdraw a portion of your home's equity.
Borrowers 62 or older can also use a HECM to purchase a primary residence with less stringent income and credit requirements of a traditional mortgage.
*Borrower is responsible for the taxes, insurance and maintenance of the property but there are no principle or interest payments as long as borrower resides in the home.