FHA Reverse Mortgages (HECMs) for Seniors

I admit, when I hear “reverse mortgage”, I immediately become skeptical. However, this one seems to offer what a true reverse mortgage should provide to a senior homeowner.

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 Home Equity Conversion Mortgage (HECM) program.  The HECM is FHA’s reverse mortgage program that enables you to withdraw a portion of your home’s equity.

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.

Full Details on how the Home Equity Conversion Mortgage  at HUD.gov

HUD

 

 

About Farhat and Associates Real Estate

Professional - Our early careers were in Accounting, Property Management, and Technology fields. Both Aziz and I found our passion for real estate as we started in the industry as Investors. Since 2004, we have devoted ourselves to this business on a full-time basis and have sold 100s of homes for our clients. Personal - Our passions are our family, our dogs, outdoor activities, reading, photography, golfing, and discovering new foods/restaurants.
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