HECM Basics
What a reverse mortgage is, how it works, and who qualifies.
2 Articles in HECM Basics
Frequently Asked Questions
What is a HECM reverse mortgage?
A Home Equity Conversion Mortgage (HECM) is a federally-insured loan that allows homeowners aged 62 and older to access a portion of their home equity without making monthly mortgage payments. It is administered by the FHA and regulated by HUD.
Who qualifies for a reverse mortgage?
To qualify, you must be at least 62 years old, own your home as a primary residence, have sufficient equity (typically 50%+), complete HUD-approved counseling, and pass a financial assessment.
Do you lose ownership of your home with a reverse mortgage?
No. You maintain full ownership and title to your home for the entire life of the loan. A HECM is simply a lien, just like any traditional mortgage.
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