HECM Lenders

The most common type of a reverse mortgage is a HECM, or a home equity conversion mortgage. There are currently two types of HECMs, the HECM Standard and HECM Saver loan. The HECM Saver reverse mortgage is a bit more restrictive in how much you may borrow but you pay less in fees than the standard HECM Standard reverse mortgage.

A HECM loan is federally insured loan that allows you to keep your home while taking out money from the built up equity to use on anything such as buying a new property that you will live in, home improvement to the home, paying down other debts or any other expenses you may need help with.

HECM Reverse Mortgage Qualification

• 62 or older
• FHA approved property (most single-family, 2-4 units and some condos)
• Obtain a certificate for attending an educational reverse mortgage counseling session
• Enough equity in the property
• Maintain current on insurance and property taxes

Beware of False HECM Advertisements

Pay attention to the important parts of the loan: interest rate, fees, loan amounts and the total cost. If you have any questions about the terms, ask your HECM lender to explain. If that doesn't make sense, seek help from your financial advisor or CPA.

Report any violations of false advertisement to HUD:
U. S. Department of Housing and Urban Development
451 7th Street, SW, Washington, DC 20410
1-800-CALL-FHA (1-800-225-5342) toll-free

• California HECM Lenders
• Texas HECM Lenders