Home Equity Conversion Mortgage
Also known as a Reverse Mortgage, this Government insured loan program allows homebuyers and homeowners 62 years or older to access equity in the form of a “no payment” mortgage, or even receive monthly payments from their equity for as long as they remain in the home.
Borrower Requirements
- Owner Occupied only – borrower must live in the home as a primary residence
- Borrower must 62 years of age, or older
- Approval determined by Age of Borrower and Equity in Home
- Must receive Reverse Mortgage Counseling Prior to Application
Loan Terms
- Home Equity Line of Credit – Access Equity at Any Time
- Home Equity Line of Credit – Receive Monthly Payments
- Government Mortgage Insurance Required
Property Requirements
Properties eligible for FHA financing include:
- 1 family residence – single family residence (SFR)
- 2 family residence – duplex (owner must occupy one unit)
- 3 family residence – triplex (owner must occupy one unit)
- 4 family residence – fourplex (owner must occupy one unit)
- Single family Condominium – with HOA approval
- Single family Townhouse – with HOA approval
Loan Limits
The maximum loan amount allowed when using a Reverse mortgage is determined by the County you live in. Loan amounts can also vary based on the number of units in the property.
- HUD Loan Limits – search more Counties