A Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is a financial product designed for homeowners aged 62 or older. It allows them to convert a portion of their home equity into cash without having to sell their home or make monthly mortgage payments. HECMs are regulated by the Federal Housing Administration(FHA) and have certain eligibility requirements, including the age of the homeowner, the type of property, and financial assessment criteria. They can be a valuable financial tool for retirees looking to supplement their income, cover expenses, or improve their financial flexibility in retirement.

Qualifying for a Home Equity Conversion Mortgage (HECM) is straightforward. This program is tailored for homeowners aged 62 and older who own and occupy their home as their primary residence. As part of the process, HUD mandates an assessment for each reverse mortgage, and you'll also need to undergo counseling from an independent third-party before finalizing the loan. Our retirement mortgage planners are available to guide you through this streamlined process.

The funds you can receive from a Home Equity Conversion Mortgage (HECM) are determined by factors such as your age (or the age of the youngest borrower), the value of your home, current interest rates, and the chosen plan. Our team at Revolution Mortgage is dedicated to helping you assess your options and calculate the maximum amount available to you. There is no obligation and no cost for this evaluation. Contact us today for a complimentary assessment.

You will maintain ownership as long as you fulfill the loan's requirements. Moreover, you have the option to sell the property at your discretion. When the last borrower vacates the home, the loan becomes due, and you or your estate will settle the amount received by selling or refinancing the home. Once the mortgage balance is cleared, any remaining equity will transfer to you or your heirs.

Absolutely! If there is adequate equity in your home, the funds from your HECM will be used to pay off your existing mortgage. This will grant you financial freedom and additional cash flow by eliminating your monthly mortgage payment. Any leftover funds from your HECM line of credit can be accessed later as needed.

The Home Equity Conversion Mortgage (HECM), a government-insured reverse mortgage, offers a secure option to enhance financial stability for older Americans.