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 Home Equity Conversion Mortgage (HECM) program. The HECM is FHA's reverse mortgage program that enables you to withdraw a portion of your home's equity.
You can also use a 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.
How the Program Works
There are many factors to consider before deciding whether a HECM is right for you. To aid in this process, you must meet with a HECM counselor to discuss program eligibility requirements, financial implications and alternatives to obtaining a HECM and repaying the loan. Counselors will also discuss scenarios under which the mortgage would become due and payable. Upon the completion of HECM counseling, you should be able to make an independent, informed decision of whether this product will meet your specific needs. You can contact Mary Williams here in our office at firstname.lastname@example.org or you can call 850.222.6609 x113. To start the process you will need to download and sign the Reverse Mortgage Counseling agreement and return to our office. You will also need to complete the forms. You may make your payment using our secured online payment system through PayPal located on the right side of this page. You may click here to find out What to Expect during your counseling appointment.
There are borrower and property eligibility requirements that must be met. You can use the listing below to see if you qualify. If you meet the eligibility criteria, you can complete a reverse mortgage application by contacting a FHA-approved lender. You can search online for a FHA-approved lender or you can ask the HECM counselor to provide you with a listing. The lender will discuss other requirements of the HECM program, such as first year payment limitations, available payment options, the loan approval process, and repayment terms.
The following eligible property types must meet all FHA property standards and flood requirements:
Click the picture below to Download the Reverse Mortgage User Manual
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TLC d/b/a TLC HECM
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