If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in Home Equity Conversion Mortgage (HECM) program insured by FHA. The HECM is FHA’s reverse mortgage program that enables you to withdraw a portion of your home’s equity. This is one of the best mortgage loans available to seniors.


There are many factors to consider before deciding whether a HECM is right for you. There are borrowers and property eligibility requirements that must be met. You can use the listing below to see if you qualify. If you meet the eligibility criteria, you can apply for a reverse mortgage loan. The lender will discuss other requirements of the HECM program, such as first year payment limitations, available payment options, the loan approval process, and repayment terms.


  • Must be at least 62 years of age or older,
  • Own the property outright or paid-down a considerable amount,
  • Occupy the property as your principal residence,
  • Not be delinquent on any federal debt,
  • Have financial resources to continue to make timely payment of ongoing property charges such as property, taxes, insurance and HOA fees, etc.,
  • Participate in a consumer information session given by a HUD- approved HECM counselor, and
  • The property must be FHA approved.

Income, assets, monthly living expenses, and credit history will be verified.
Timely payment of real estate taxes, hazard and flood insurance premiums will be verified.


  1. Mortgage Insurance Premium
  2. Third Party Charges
  3. Origination Fee
  4. Servicing Fee

For more information, you may download the article from http://bit.ly/2lmIgOJ. This article was prepared by Ali Bavafa, a California licensed mortgage and real estate broker since 2000. You may reach him at (949) 212-2154 or by email at AliBavafa@AliBavafa.com</>.