Reverse
Mortgage (HECM)
A Reverse Mortgage is also known as a HECM (Home Equity Conversion Mortgage).
A Reverse Mortgage is also known as a HECM (Home Equity Conversion Mortgage).
A Reverse Mortgage lets homeowners 62+ tap into home equity. Instead of paying the lender, you receive funds as a lump sum, credit line, or monthly payments. Repayment is due when you move out, sell, or pass away, and with FHA insurance, you or your heirs never owe more than the home's value.
A Reverse Mortgage is an excellent option for qualifying seniors who wish to remain in their home without the burden of monthly mortgage payments.
All borrowers must be at least 62 years of age.You must have 50% or greater equity in the home.The property must be your primary residence (no second homes or vacation homes).Borrowers must pass a financial assessment to ensure they can meet ongoing obligations like property taxes and homeowner's insurance.All borrowers are required to attend HUD-approved reverse mortgage counseling to ensure they understand the loan's terms and implications.
Hi, It's me Homy. You can ask me questions at any time and I am happy to help.
Start a conversation with Homy!
We believe in a human powered mortgage process. Our dedicated loan officers are good people committed to guiding you every step of the way, helping you achieve your homeownership goals.
Can Arkitect handle both architecture and interior design?
Does Arkitect work on international projects?
What is Arkitect's design process?
How do I start a project with Arkitect?