Reverse Mortgage – FHA’s Home Equity Conversion Mortgage (HECM)

A FHA HECM reverse mortgage loan is a very special type of loan that permits borrowers to convert some of the equity in their home to cash.  Reverse  mortgages can give senior homeowners the funds they  need to lead a more secure and enjoyable retirement,  repair their homes, or potentially pay for long-term care  and other necessary expenses, while allowing them to  continue to live in their own homes for as long as they want. Borrower Requirements You must: ●      Be 62 years of age or older ●      Own the property outright or have a relatively small mortgage balance ●      …