Use the quick & easy tool below to
find out what you qualify for
What is a Home Equity Conversion Mortgage?
Backed by the Federal Housing Administration (FHA), the Home Equity Conversion Mortgage Program (HECM), offers a great lending tool alternative to a traditional mortgage loan. Senior borrowers can access dormant equity and pay off an existing mortgage without needing to make mandatory monthly mortgage payments.
National Lending’s Lending Limit for Federally-Backed Home Equity Conversion Mortgages Increased to $1,089,300 in 2023
HOW TO QUALIFY FOR A HECM PURCHASE?
- Be at least 62 years or older (one non-borrowing spouse may be younger than age 62).
- Own the subject property
- Reside in the home as your primary residence
- Complete reverse mortgage counseling through a HUD-approved agency
- You must have sufficient funds for new home down payment and to meet reverse mortgage loan terms
Why Use HECM for Purchase?
- Move Closer to Family
- Relocate to a Senior Community
- Right-Size to a home that better suits your needs
- Increase your buying power using reverse mortgage loan proceeds
- Eliminate monthly mortgage payments to preserve retirement assets
WHAT HOMES ARE ELIGIBLE hecm for purchase?
- Single Family Residence (Must be Owner’s Primary Residence)
Multi-Unit Property (Duplex/Triplex/Fourplex – Owner Must Reside in One of the Units)
- Manufactured Home (Must be Owner’s Primary Residence. HUD Approved/Built after June 15, 1976.)
- Townhouse/Condominium (Condominiums Require FHA Approval to Qualify. Property must be the homeowner’s primary residence.)