We are your local option to satisfy ALL of your HECM Reverse Mortgage needs! Your Retirement Should Be Easy...Call Today: 424 225 2167
Home /

HECM

 HECM

 

How the HECM worksHomeowners that are near or at retirement age are usually in need of additional income, to take care of bills such as healthcare, home renovation or complement their Social Security. People in these circumstances usually apply for a Home Equity Conversion Mortgage (HECM) to have a more convenient lifestyle as they grow older.

HECM is Federal Housing Administration's (FHA) reverse mortgage plan which allows you to draw some of the equity in your house. You select how you need to get your funds, whether in a credit line or a fixed monthly sum or a combination of both. It is a program specifically designed for seniors allowing the conversion of their home equity to cash. The amount that can be borrowed is to a large extent dependent on the appraised value of the home, and it is dependent on FHA control and the borrower’s age which must not be less than 62 years old.

A reverse mortgage is different from the regular mortgage that requires the borrower to make monthly payments to the lender; in that, the lender pays an amount depending on the age of the borrower, his or her home equity, the compulsory private mortgage insurance premium, and prevailing interest rates. In other words, the amount a borrower receives is dependent on his or her age, the value of the house and value owed against it. Therefore, the borrower receives more money if he or she is older, and the estimated value of the house is high, and there is less amount owed on it.

HECM for retirementHECM Refnance and Purchase

Are the most common type of reverse mortgage. It is federally funded and supported by the U.S. Department of Housing and Urban Development (HUD). Even though certain non-profit agencies and private companies offer reverse mortgage, they control how the money can be used.

HECM is designed to make life comfortable for retired people who have a home of a reasonable value to have access to cash as they need it. It is designed specifically for seniors. However, certain conditions must be met to determine eligibility. Once the eligibility criteria are met, the applicant can contact any FHA-approved lender who will discuss other requirements of HECM program apart from the basic requirements listed below.

Eligibility Requirements for Purchase and Reverse

  1. The age of the applicant must be less than 62 years.
  2. The applicant must own the home outright or have little mortgage remaining.
  3. The home must be the primary residence of the applicant.
  4. The applicant should not have any unpaid federal debt.
  5. The applicant must have the financial resources to pay the mandatory property taxes, insurance, and maintain the home during the term of the loan.
  6. The applicant must attend HUD-approved counseling session

For additional information on the HECM Click Here

REVIEWS
5(based on 1 reviews)
  • Looks like you put a lot of work in here. Great information and very helpfull Brandon 07/26/2016
Call us today at 424 225 2167 for help. One of our mortgage professionals will help you get the best possible  Reverse Mortgage loan solution for your situation. We’ll be with you every step of the and not hand you off to someone else. AZ, CA, CO, HI, FL, NV, OR, TX, and WA.
*Borrower is responsible for property taxes, homeowners insurance, and property maintenance. A HECM is a home-secured debt payable upon default or a maturity event. **Some restrictions apply. This material has not been reviewed, approved, or issued by HUD, FHA, or any government agency.

Today's Forward Mortgage Rates

 
 
106x100   106x100 2   106x100 3   bbb9  best 50  EQUAL-housing-icon-65x77-size C2 6  namb  mortg pro  biz jur  reverse mortgage for retirement  HECM Income Payment

 Call us today at 424 225 2167 or Chat or Email to explore your options. One of our mortgage professionals will help you get the best possible Reverse Mortgage loan solution for your situation. We’ll be with you every step of the process and not hand you off to someone else.
The services referred to herein are not available to persons located outside the state of California.
Borrower is responsible for property taxes, homeowners insurance, and property maintenance. A HECM is a home-secured debt payable upon default or a maturity event. Some restrictions apply. This material has not been reviewed, approved, or issued by HUD, FHA, or any government agency.