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Loan Program Preview: Reverse Mortage Purchase & Refinance

January 29, 2014

If you are a homeowner,  age 62 or older, have paid off your mortgage or paid it down a considerable amount, and currently live in the home (other eligibility requirements may apply), you may participate in FHA’s Home Equity Conversion Mortgage (HECM) program. The HECM is FHA’s reverse mortgage program that enables you to withdraw some of the equity in your home (with limitations) or a single disbursement lump-sum payment at the time of mortgage closing.

You can also use an HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

 

Reverse Mortgage Guidellines

Click here to view the full set of HECM guidelines.

Read more about our loan programs by clicking here.

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FOR A FAST PRE-APPROVAL:
Complete a loan application on our website
APPLY ONLINE

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