What is a Home Equity Conversion Mortgage?
Financial help from the HECM programs
Don’t let fear of a price tag stop you from finding your perfect home; the Home Equity Conversion Mortgage (HECM) program can take some of the stress out of the purchasing process by letting you preserve your cash and increase your purchasing power. The HECM program is insured by the U.S. Federal Government and available through a Federal Housing Administration (FHA)-approved lender. This loan option allows buyers to make a one-time down payment with no monthly mortgage payments. Homeowners association dues, property taxes, and insurance payments must remain up to date.
If you or your spouse is over the age of 62, the HECM program might be exactly what you need to make your dream home a reality! To decide whether the HECM program is the right choice for you, a counselor approved by the U.S. Department of Housing and Urban Development (HUD) can discuss eligibility requirements, financial implications, and alternatives to obtaining and repaying the loan. If you would like to discuss this program with Epcon’s preferred Reverse Mortgage Consultant, Marvis Baehr, please fill out the form below.