- Reverse Mortgages (HECM):
Reverse mortgages are for borrowers over the age of 62 that have a significant amount of equity and would like to use the equity in their home to make improvements, subsidize retirement income, and possibly eliminate a monthly mortgage payment. Reverse HECM Mortgages are more regulated and safer than ever. You retain title to your home and have several options for your heirs of the property.Consult your loan officer for more details. These materials were not provided by HUD or FHA and are not directly approved by HUD or government agency. As with any mortgage, borrowers are still responsible for taxes, insurance, and other home-ownership costs.