Reverse mortgage. Turn your home equity into cash
An FHA-insured HECM lets homeowners 62 and older use their equity as a lump sum, a line of credit, monthly payments or a mix.
What a reverse mortgage is
A Home Equity Conversion Mortgage, or HECM, is the FHA-insured reverse mortgage. It's only for homeowners 62 and older, and the home must be your main home.
You choose how to receive your equity: a lump sum, a line of credit, monthly disbursements or a mix. You keep paying property taxes and homeowners insurance, and keep the home in good repair.
Who it fits
- Homeowners 62 and older living in the home
- Retirees who want more monthly cash flow
- Homeowners who want a line of credit for the years ahead
- Families planning retirement together
How it works with us
- Talk it throughWe explain how a HECM works for your home and your plans, in plain English.
- Meet a HECM counselorEvery HECM borrower meets with a HECM counselor first. It's a required step that helps you decide with confidence.
- Choose how to get paidLump sum, line of credit, monthly payments or a mix. We show you each option side by side.
- CloseWe handle the appraisal, lender and title, and get you to closing.
What to have on hand
You don't need all of it to start. The application tells you what's missing.
- Photo ID for each borrower
- Your most recent mortgage statement, if you have a mortgage
- Homeowners insurance declarations page
- Most recent property tax bill
- HECM counseling certificate (we help you schedule it)
Good to know
Who qualifies for a HECM?
Homeowners 62 and older who live in the home as their main home and keep up with property taxes, insurance and upkeep.
How do I receive the money?
You can choose a lump sum, a line of credit, monthly disbursements or a mix.
Is counseling required?
Yes. Every HECM borrower meets with a HECM counselor before moving forward.
Who insures a HECM?
The Federal Housing Administration (FHA) insures HECM reverse mortgages.