Answers about Reverse Mortgages

What are the requirements for a Federal Housing Administration Home Equity Conversion Mortgage (HECM)?

To be eligible for an FHA HECM you must:

  • Be 62 years of age or older.
  • Own the property outright or have a small mortgage balance. Usually you will either pay off the balance yourself or it will be paid off by an advance from the reverse mortgage at closing.
  • Not be delinquent on any federal debt.
  • Participate in a consumer information session given by an approved counselor.

Please visit their website at http://www.hud.gov for additional information.