What are the requirements for a Federal Housing Administration Home Equity Conversion Mortgage (HECM)?
To be eligible for an FHA HECM you must:
- Be 62 years of age or older.
- Own the property outright or have a small mortgage balance. Usually you will either pay off the balance yourself or it will be paid off by an advance from the reverse mortgage at closing.
- Not be delinquent on any federal debt.
- Participate in a consumer information session given by an approved counselor.
Please visit their website at https://www.hud.gov for additional information.