HECM Reverse Mortgage

Who qualifies for Reverse Mortgage?

Home Equity Conversion Mortgages for Seniors

If you are 62 years or older, a homeowner and have significant equity in your home, you may be eligible for a Home Equity Conversion Mortgage (HECM) loan, commonly known as a reverse mortgage. The HECM is the only reverse mortgage insured by the U.S. Federal Government and is only available through FHA approved lenders.

Borrower Requirements

HECM’s can be very helpful financial tools for those who are eligible. In addition to being at least 62 years old, some additional borrower requirements include:

  • Can not being delinquent on any federal debt
  • Must attend a session with a HUD-approved HECM counselor
  • Owning the property outright, or at least having paid off a considerable amount of your mortgage
  • Occupying the home as your primary residence
  • Have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and Homeowner Association fees, etc.

Property Requirements

The following eligible property types must meet all FHA property standards and flood requirements:

  • Must be a Single family home or 2-4 unit home with one unit occupied by the borrower
  • A HUD-approved condominium project
  • Manufactured home that meets all FHA requirements

David Goldhirsh

Vice President

About Us

Having been involved with 10,000+ closings in my career gives me the rare ability to anticipate problems or issues that are likely to occur with your loan in two, three or four weeks down the road. My team and I address these issues up front, or can adapt more easily when needed, ensuring a smooth loan process. My team and I work very hard with each department to make sure you have the best home buying experience possible.

Read More About David Goldhirsh and LeaderOne Financial

Contact David Goldhirsh 773-384-2431 Apply Online