Purchase your dream home with no monthly mortgage payment!
Commonly known as a "reverse mortgage", the Home Equity Conversion Mortgage (HECM) is a government-insured loan that allows older homeowners to convert home equity into tax-free cash.* Perfect for borrowers who are downsizing or want to purchase a home without a monthly mortgage payment.
No payment option available*
HECMs are federally insured.
Same products, limits, LTVs, and rates as traditional mortgages
Excellent planning tool to fund retirement
THE FINE PRINT
Must be 62 years old, or older
Applies only to owner-occupied, primary residences
Mandatory HUD counseling
The homeowner is still responsible for property taxes, homeowners insurance, upkeep and any relevant condo fees.