Home Equity Conversion Mortgage Benefits
If you’re 62 or older, a Home Equity Conversion Mortgage (HECM) can provide extra income using the equity from your home. With an HECM, also called a reverse mortgage, you can use your home as collateral, but instead of making payments to a lender, the lender pays you. The funds may be tax-exempt and can be used however you choose.* We can help you retain ownership of your home and get access to the funds you need with a reverse mortgage.
- Must be age 62 or older
- Live in the home as your primary residence
- Own the property outright or have paid down a considerable amount
- Continue to pay for property related charges such as property taxes, homeowner’s insurance, HOA fees, etc.
- Not be delinquent on any federal debt
- Participate in a consumer information session given by a HUD-approved HECM counselor
*Consult your tax advisor for more information.
- Make home repairs or renovations
- Pay off debts or taxes
- Cover health care costs
- Travel or take a dream vacation