Home Equity Conversion Mortgage Reverse Mortgages
A Home Equity Conversion Mortgage or Reverse Mortgage is a special type of mortgage for people over the age of 62 who own their own home and have substantial equity. The home must be a single-family dwelling or HUD-approved condominium and must be the primary residence of the applicant.
This type of mortgage provides seniors with a line of credit or a monthly income based on the amount of equity in their home. The mortgage balance must be repaid when the last lender leaves the home. A counseling session is required for anyone applying for a reverse mortgage. Family members are encouraged to attend the counseling session.
Click here for a printable HECM Brochure. For more information on Reverse Mortgage Counseling or to schedule a counseling session, call (856) 456-1121.