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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 completion of HECM counseling, you should be able to make an independent, informed decision of whether this product will meet your specific needs.

Program Eligibility

The following borrower, property, and financial eligibility requirements must be met:

Borrower Requirements

62 years of age or older
Own the property outright or paid-down a considerable amount
Occupy the property as your principal residence
Not be delinquent on any federal debt
Have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and Homeowner Association fees, etc.
Participate in a consumer information session given by a HUD- approved HECM counselor
$150 Counseling fee

Property Requirements

The following eligible property types must meet all FHA property standards and flood requirements:

Single family home or 2-4 unit home with one unit occupied by the borrower
HUD-approved condominium project
Manufactured home that meets FHA requirements

Financial Requirements

Income, assets, monthly living expenses, and credit history will be verified.
Timely payment of real estate taxes, hazard and flood insurance premiums will be verified

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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 Federal Housing Administration's (FHA) 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.

https://buy.stripe.com/bIY5n34Rb03D65214a

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How to Start the Process?

First, you will need to download and sign the Reverse Mortgage Counseling Agreemen t and submit it to Lavelle Dorriety at ldorriety@tallahasseelenders.org. Next, complete and submit the following Intake Form. Then, submit your payment for Reverse Mortgage Counseling using the following secured online payment system through PayPal by clicking on the Checkout button. Once all of the above items are completed, staff will contact you to schedule an appointment with the HECM counselor.