Reverse Mortgage
Questions about Home Equity Conversion Mortgages.
Questions
What is a HECM or reverse mortgage?
A Home Equity Conversion Mortgage lets homeowners aged 62 and older access equity in their home, for example to supplement retirement income, cover healthcare expenses or finance home renovations.
HECM loans have their own counseling and disclosure requirements. A loan originator experienced with them can walk you and your family through the process.
Does the homeowner still own the home with a HECM?
With a HECM the borrower remains the homeowner and continues to have obligations such as property charges and maintaining the home as their residence.
Because the details matter, HECM borrowers complete required counseling before moving forward.
Related programs
Still have a question?
Every situation is different. We’ll help you understand your options and what may fit your goals.
This page is general information about mortgage financing and is not a commitment to lend, an offer of credit, or financial or legal advice. Program availability, guidelines and requirements are set by lenders and investors, can change, and depend on your individual circumstances and the property. Talk with a licensed Boss Mortgage loan originator about what applies to you.
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