Reverse Mortgage (HECM)
Reverse mortgages for homeowners 62 and older
A Home Equity Conversion Mortgage (HECM) lets homeowners 62 and older turn part of their home equity into cash, a line of credit or monthly payments, with no required monthly mortgage payment while they live in the home.
Key facts
- Available in
- New York, New Jersey, Florida, Pennsylvania
- Age
- Youngest borrower 62 or older
- Occupancy
- Must be your primary residence
- Counseling
- HUD-approved counseling required before applying
- Obligations
- Pay property taxes, insurance and upkeep
Who it's for
- Homeowners 62+ who want to eliminate an existing mortgage payment
- Retirees who want a standby line of credit
- Seniors downsizing with HECM for Purchase
- Families planning long-term care costs
HECMs are insured by the Federal Housing Administration. The loan is repaid when the last borrower sells, moves out permanently or passes away, and it is non-recourse: neither you nor your heirs will owe more than the home is worth when it is sold.
Reverse mortgages are a serious decision, so we walk through every option with the homeowner and, when they want, their children. We also work with proprietary reverse lenders for homes above FHA limits.
Popular in Brooklyn
Sheepshead Bay, Brighton Beach, Marine Park, Mill Basin & Bergen Beach, Bay Ridge, Dyker Heights, East Flatbush
Questions
Will I still own my home?
Yes. You keep title. You must continue to live there and pay taxes, insurance and maintenance.
What happens to my heirs?
They can sell the home and keep any remaining equity, or pay off the loan to keep it. They never owe more than the home's value.
Can I use a HECM to buy a home?
Yes. HECM for Purchase lets buyers 62+ buy a new primary residence with a large down payment and no monthly mortgage payment afterward.
Questions about Reverse Mortgage (HECM)?
A licensed loan officer will walk you through the numbers, usually the same day.