Your Guide to Reverse Mortgages
What is an HECM reverse mortgage?
Home Equity Conversion Mortgages (HECMs), also known as reverse mortgage loans, help Americans age 62 and older convert a portion of their home equity into tax-free money.1 They are insured by the Federal Housing Administration (FHA) and allow seniors to age in place and achieve retirement security.
How does it work?
A reverse mortgage loan allows you to turn some of the equity in your home into cash to improve your lifestyle in whatever way you choose. You will continue to live in your home, retain ownership and will not be required to make any monthly mortgage payments2 during the loan period.