What is HECM?

Financial help from HECMs.

Don’t let fear of a price tag stop you from finding your perfect home; the Home Equity Conversion Mortgage (HECM) loan 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. Without these payments, you’ll experience a lower cost of living during retirement so you can spend your money the way you want! Homeowners association dues, property taxes, and insurance payments must remain up to date.

To be eligible for the program, you must
-Be age 62 or older
-Live in the same home as your primary residence
-Have no federal debt
-Meet with a HECM counselor


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) would discuss eligibility requirements, financial implications, and alternatives to obtaining and repaying the loan.


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