Description: A reverse mortgage program available through the Federal Housing Administration (FHA). Enables eligible seniors to withdraw a part of their home's equity to use for home maintenance, repairs, or general living expenses. ECM borrowers may live in their homes as long as property taxes and homeowner's insurance are kept current.HECM counselors can assist individuals in understanding program eligibility, the financial implications, and alternatives for obtaining a HECM and repaying the loan. Search for a HECM counselor online.
Hours: Office Hours: Monday through Friday, 9 am - 4 pm
Eligibility: Borrower Requirements:- Must be 62 years of age or older- Must own the property outright or paid-down a considerable amount- Must occupy the property as the principal residence- Must not be delinquent on any federal debt- Must have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance, Homeowner Association fees, etc.- Must participate in a consumer information session given by a HUD- approved HECM counselorProperty Requirements:The following eligible property types must meet all FHA property standards and flood requirements:- Single-family home or 2-4 unit home with one unit occupied by the borrower- HUD-approved condominium project- Individual Condominium Units that meet FHA Single Unit Approved requirements- Manufactured home that meets FHA requirementsFinancial Requirements:- Income, assets, monthly living expenses, and credit history will be verified- Timely payment of real estate taxes, hazard, and flood insurance premiums will be verified
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