Home / Program Offices / Housing / Single Family / HECM / HUD FHA Reverse Mortgage for Seniors (HECM)
Home Equity Conversion Mortgages for Seniors

 

New  Special Notice: Important Information About Your Adjustable Rate Reverse Mortgage

 

Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to remain in their homes or supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through a Federal Housing Administration (FHA)-approved lender. The HECM is the FHA's reverse mortgage program that enables you to withdraw a portion of your home's equity to use for home maintenance, repairs, or general living expenses. HECM borrowers may reside in their homes indefinitely as long as property taxes and homeowner's insurance are kept current.

The amount that will be available for withdrawal varies by borrower and depends on:

If there is more than one borrower and no eligible non-borrowing spouse, the age of the youngest borrower is used to determine the amount you can borrow.

You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing. To learn more about FHA's HECM program:

 

 

 

Online Answers 24/7

Click here to access the online FAQ site.

Reverse Mortgage Consumer Information