The Department of Housing and Urban Development describes the HECM as "FHA’s reverse mortgage program that enables you to withdraw a portion of your home’s equity." It is for homeowners age 62 or.
The only reverse mortgage insured by the U.S. Federal Government is called a Home equity conversion mortgage (HECM), and is only available through an FHA-approved lender. If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA’s HECM program.
This reverse mortgage calculator has two parts. In Step 1, basic information like property value will be used to evaluate whether or not you are eligible for a reverse mortgage. In Step 2, you can enter additional property information to determine how much you may be eligible for.
Also known as a Home Equity Conversion Mortgage, or HECM (pronounced HECK-um), reverse mortgages are only for homeowners age 62.
Three Reasons to Consider a Jumbo Reverse Mortgage For many retirees, home equity is one of their greatest assets. Homeowners – age 62 and older – with higher-end properties have turned to proprietary "jumbo" reverse mortgages to unlock this valuable source of housing wealth, and for a variety of reasons.
· Can anyone apply for a reverse mortgage loan?. as long as all borrowers are over age 62.. Once your non-borrowing spouse turns 62, you may be able to refinance the reverse mortgage to include them, but there are costs associated with refinancing a reverse mortgage.
If you’re 62 or older – and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses – you may consider a reverse mortgage. It allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.
Dear All Reverse, My husband qualifies but I am under 62 and unable to go on the reverse mortgage with him. (Age 55) I’m told that in order for my husband to be eligible for a reverse mortgage my name would have to be removed from the deed because I am not 62.
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If you entered the wrong information, or have a borrower that is at least 62 years of age, please continue with the form below. First Name. Last Name. Email (Optional). Phone Number. Street Address. Zip. Estimated Home Value (optional). Current Mortgage Balance (optional). By submitting.