Step 1. Schedule an appointment for Reverse Mortgage Counseling. You must schedule an appointment directly with the counseling agency. This session is conducted in person or over the telephone; however, HUD advises that, if possible, you meet with your counselor...
Reverse Mortgage FAQs – Most Frequently Asked Questions Q: Do I still own my home? Yes. You will retain the title and ownership during the life of the HECM loan, and you can sell your home at any time. The loan will not become due as long as you continue...
What types of HECM Loans are available? There are two types of Home Equity Conversion Mortgage (HECM) loans. It is important to select the one that best meets your needs. HECM Loan The HECM is available as either an adjustable- or fixed-rate loan. With the adjustable...
Using Your Home Mortgage in Your Retirement Planning Planning your long-term use of your home’s equity prior to retiring helps determine what kind of mortgage to place on your home. For most Americans, their home is the biggest investment they’ll make and...
What is a Home Equity Conversion Mortgage (HECM)? HECMs are the most common type of reverse mortgage and can have the following provisions: They can have variable or fixed interest rates. The maximum amount that you can borrow is limited by the value of your home,...
