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A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a special type of home loan for homeowners who are 62 and older. It allows you to borrow against the equity in your home and use the proceeds of the loan to pay off your existing mortgage. This ultimately frees you from having to make a monthly mortgage payment, though you’re still required to pay your property taxes, homeowners insurance and home maintenance costs.

One of the requirements for receiving this type of mortgage is one-on-one reverse mortgage counseling. NFCC Certified Housing Specialists provide these sessions so you have all the information you need to steer clear of predatory lending practices and make an informed decision that suits your needs.

A Program That Makes All the Difference

Borrower Requirements
  • 62 years of age or older
  • Own the property outright or have a small mortgage balance
  • Occupy the property as your principal residence
  • Not be delinquent on any federal debt
  • Participate in a consumer information session given by an approved reverse mortgage counselor
Financial Requirements
  • No income or credit qualifications are required of the borrower
  • No restrictions based on disability or social security status
  • No repayment is required while the property is your principal residence
  • Closing costs may be financed in the mortgage
Property Requirements
  • Single-family home or 1-4 unit home with one unit occupied by the borrower
  • HUD-approved condominium
  • Manufactured home that meets FHA requirements
Reverse Mortgage Amount
Based On
  • Age of the youngest borrower
  • Current interest rate
  • Lesser of appraised value or the HECM FHA mortgage limit
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