Get a lower FHA Payment!
Property Value	Select $50,000 $100,000 $150,000 $200,000 $250,000 $300,000fs $350,000 $400,000 $450,000 $500,000 $550,000 $600,000 $650,000 $700,000 $750,000 $800,000+
Home Type	Select Single Family Home Condo/Townhome Multi-Family Dwelling Duplex
Property Use	Select Primary Residence Secondary Home Investment Property
Year FHA Loan Recieved	Select Non-FHA Loan 2009 2008 2007 2006 2005 2004 or before

The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables homeowners to withdraw some of the equity in their home. With 401k and retirement assets of the whole recent generation being disseminated or decreased by the current crisis, HECM is looking more and more like an alternative to financing retirement. A homeowner would choose how they would want to withdraw their funds, whether in a fixed monthly amount or a line of credit or a combination of both.

Homeowners can also use a HECM to purchase a primary residence if they 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 that they are purchasing.

Homeowner must:

• Be 62 years of age or older
• Own the property outright or have a small mortgage balance
• Occupy the property as your principal residence
• Not be delinquent on any federal debt
• Participate in a consumer information session given by an approved HECM counselor

Mortgage Amount Based On

• Age of the youngest borrower
• Current interest rate
• Lesser of appraised value or the HECM FHA mortgage limit

Financial Requirements

• No income or credit qualifications are required of the borrower
• No repayment as long as the property is your principal residence
• Closing costs may be financed in the mortgage

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

• Single family home or 1-4 unit home with one unit occupied by the borrower
• HUD-approved condominium
• Manufactured home that meets FHA requirements