Home Equity Conversion Mortgages

Objective

To enable elderly homeowners to convert equity in their homes to monthly streams of income or lines of credit.

Who Can Apply

• U.S. Federal Government
• Homeowner

Eligible borrowers are persons 62 years of age or older and eligible non-borrowing spouses who are identified at the time of closing. Eligible borrowers and eligible non-borrowing spouses must complete HECM counseling from a HUD-approved agency prior to obtaining the loan. Eligible properties include single family one-to-four unit owner-occupied dwelling units, units within condominium projects and Planned Unit Developments,and manufactured homes, if they meet FHA standards.

Who Benefits

• Individual/Family

Individuals.

Assistance Types

• Loan Guarantee

Program Contact

answers@hud.gov
(800) 225-5342