Counseling is required
Independent HECM counseling is part of the process and exists to make sure the structure is understood.
loan programs
HECM / Reverse Mortgage
A Home Equity Conversion Mortgage lets homeowners aged 62 and older access equity in their home without giving up ownership.
Home Equity Conversion Mortgages (HECM). With a HECM loan, homeowners aged 62 and older can access the equity in their homes to supplement their retirement income, cover healthcare expenses, or finance home renovations. Our experienced team specializes in HECM loans and is committed to providing personalized guidance and support throughout the process.
Program description as published on bossmortgage.com/products (preserved verbatim).What this financing is
A HECM is a specific type of reverse mortgage with its own counseling, disclosure and eligibility requirements. Borrowers complete required independent counseling before proceeding.
The borrower remains the homeowner and continues to have obligations, such as property charges and maintaining the home as their residence.
Who it may be a fit for
Homeowners aged 62 and older
Retirees looking at options for supplementing income
Homeowners planning for healthcare expenses
Homeowners considering renovations to age in place
Families reviewing options together
Not sure if HECM / Reverse Mortgage fits your situation?
A licensed Boss Mortgage loan originator can look at the details with you and explain what applies to you.
What to think about
Ongoing obligations continue
Property charges and occupancy requirements continue for the life of the loan.
Bring the family in
Many families prefer to review a HECM together. Boss Mortgage is comfortable meeting with adult children as well.
Compare alternatives
A HECM is one option among several. It is reasonable to compare it with a refinance or a home equity line of credit.
How the process works
1. Get approved
Connect with a BOSS Mortgage loan originator, review your financing options, and provide the information needed to understand your buying power before you start shopping.
Connect with a BOSS Mortgage loan originator, review your financing options, and provide the information needed to understand your buying power before you start shopping.
Shop with a clear budget in mind. When you find the right property, your loan originator can help you understand the financing details that apply to that home and your offer.
Once you are under contract, the BOSS Mortgage team helps keep the loan moving through documentation, underwriting, and closing so you can get the keys and move forward.
Frequently asked 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.
Why do homeowners refinance?
Common reasons include changing the monthly payment, changing the loan term, consolidating debt, funding home improvements or removing or adding a borrower.
Whether refinancing makes sense depends on your current loan, your goals and current market conditions.
What is the difference between a refinance and a HELOC?
A refinance replaces your existing mortgage with a new one. A home equity line of credit is a separate revolving line secured by your home that you can draw against.
Boss Mortgage can compare both so you can see how each would affect your payments.
Other programs
Refinance / HELOC
Refinancing and home equity line of credit options from Boss Mortgage, and how to decide which one fits your goal.
Learn more →
Lending in a Trust
Purchasing or refinancing property held in a trust, with guidance from the Boss Mortgage trust lending team.
Learn more →
Conventional Loans
Learn how conventional mortgage financing works, who it may suit and how to talk it through with a licensed Boss Mortgage loan originator.
Learn more →Ready to get started?
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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