The Home Equity Conversion Mortgage (HECM) is the only federally insured reverse mortgage in America. Created in 1988, it allows homeowners 62 or older to access a portion of their home equity with no monthly principal and interest payments. The funds can be disbursed in cash, monthly payments, or a line of credit.

Yes. You keep ownership of your home, and the title remains with you. The home can be sold at any time without a prepayment penalty.

As a borrower, you must occupy the home, maintain it, and pay all property-related charges. Failure to meet these responsibilities could lead to foreclosure.

Non-recourse protection ensures you will not owe more than your home is worth. This means that neither you nor your heirs will be responsible for any mortgage debt beyond the value of the home at the time of sale.

Yes. You can leave your home to your heirs, but the HECM loan must be repaid. The home may be sold, and any proceeds after repayment will be passed on to your heirs. The non-recourse clause ensures they won't owe more than the home's value.

If your spouse is not yet 62, they will be considered a “non-borrowing spouse.” HUD regulations allow a deferral period for non-borrowing spouses after the death or incapacity of the borrower.

The amount of equity needed depends on your home’s appraisal, the age of the youngest borrower, and current interest rates. We’ll provide a clearer estimate once the appraisal is complete.

The available HECM line of credit grows at the same rate as the loan balance, offering more borrowing capacity as you age. This line of credit is not frozen or restricted by market conditions or property value changes, making it a stable option for long-term planning.

This option allows you to purchase a new home using a reverse mortgage. It’s perfect for downsizing or moving to a new home that better suits your retirement needs, without taking on monthly mortgage payments.