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About Reverse Mortgages
Benefits of a Reverse Mortgage
Stay in Your Home
Low Risk of Default
Frequently Asked Questions
Yes. The Home Equity Conversion Mortgage (HECM) for Purchase allows people age 62 and older to buy a new home with HECM loan proceeds.
A reverse mortgage can provide eligible homeowners with tax-free cash flow by accessing money that they have built up as equity in their home. Borrowers can receive these funds in a lump sum, in monthly payments, or as a line of credit depending on which reverse mortgage they choose.
To qualify for a reverse mortgage loan, the youngest borrower must be at least 62 years old, live in the home as their primary residence, and have enough home equity. Borrowers must also meet HUD financial eligibility criteria.