HECM Reverse Mortgages

What is an HECM Reverse Mortgage?

Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender.

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 HECM program.

Where we can help you?

HECM Reverse Mortgage Eligibility

The HECM is FHA’s reverse mortgage program that enables you to withdraw a portion of your home’s equity. The amount that will be available for withdrawal varies by borrower and depends on:

Age of the youngest borrower or eligible non-borrowing spouse;
Current interest rate; and
Lesser of appraised value or the HECM FHA mortgage limit or the sales price.

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.

Purchases or Refinancing

62 and Older

Individuals 62 years of age and older only.

Payments

Amount of monthly payment will depend on equity in home as well as the youngest borrowers age.

Family may purchase the home back for 95% LTV or deed in lieu if they want nothing to do with property

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Iraq (1st CAV) and Afghanistan (101st)

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CFG is owned and operated by Proud Veterans, military family members and supporters of our Great Armed Forces. We have extensive experience with the loan process and are here to support you every step of the way.

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