Let’s understand your options.
A Home Equity Conversion Mortgage (HECM) is a reverse mortgage option for eligible homeowners age 62 or older. It can allow access to home equity, while interest and fees can increase the loan balance over time. A careful review should include the effect on equity, family plans, and future housing needs.
Ongoing responsibilities
You must meet the loan’s requirements, including paying property taxes and insurance and maintaining the home.
Repayment events
The loan generally becomes due when the home is sold or is no longer the borrower’s principal residence. Other default conditions can also trigger repayment.
Equity and costs
Borrowing against the home and accruing interest can reduce the equity available later. Review the full cost.
Counseling and review
HECM borrowers must complete required counseling. Discuss eligibility, spouse protections, alternatives, and your long-term plan.
Helpful for our conversation
- Your age, property details, and existing mortgage balance
- Your goals for accessing equity
- Questions about future living arrangements and family needs
Questions you may be asking
Put some numbers to your plan.
Use the calculators to explore a scenario before we talk.