The Home Equity Conversion Mortgage (HECM) is a federally insured reverse mortgage program designed for homeowners aged 62 or older. This program allows you to access a portion of your home’s equity, giving you financial flexibility while you maintain full ownership of your home. With no monthly loan payments required, a HECM can help you turn your hard-earned equity into the resources you need to live life on your terms.
Like a regular
mortgage — but better
Imagine never having to make another mortgage payment again. With a HECM, you’re free to focus on enjoying life while only managing property taxes, insurance, and HOA dues.
If one borrower is under 62, the HECM still works ensuring the younger spouse can remain in the home if the older borrower passes away or moves to long-term care.
This federally insured program ensures that you or your heirs will never owe more than the home’s value, no matter how the housing market changes.
- Lump Sum:
- Monthly Payments
- Line of Credit
- Combination
Use your home equity to fund everyday needs or indulge in something special—like taking the dream vacation you’ve been waiting for or starting a new hobby.
No matter how long you live, as long as you meet loan requirements—such as occupying your home and paying property taxes and insurance—you can stay in your home indefinitely.
The Informed Path to a Reverse Mortgage: A Step-by-Step Guide
Homeowners who are well-informed about the reverse mortgage process are 40% more likely to feel confident in their decision and report higher satisfaction with the results.” (Source: NRMLA)
How to eliminate your mortgage payments for good.
Step 1: Meet with a HUD-Approved Counselor
Gain clarity about the HECM process, eligibility, and how this program aligns with your goals. This session ensures you’re informed every step of the way.
Step 2: Submit Your Application and Get an Appraisal
Complete the application process, and let us assess your home’s market value to determine how much equity you can access.
Step 3: Choose How to Receive Your Funds
Whether it’s a lump sum, monthly payments, a line of credit, or a mix, select the option that best fits your financial needs.
Step 4: Access Your Funds and Enjoy Financial Freedom
Start using your equity immediately, without worrying about monthly loan payments.
Step 5: Loan Repayment Happens Later
When you sell your home, move, or pass away, the loan is repaid through the home’s sale. Any remaining equity belongs to you or your heirs
Extra helpful answers to commonly asked questions
Who qualifies for a HECM?
Homeowners aged 62 or older with sufficient equity in a primary residence. Even if one spouse is under 62, the eligible non-borrowing spouse provision ensures the younger partner can stay in the home.
How much can I borrow?
Your borrowing limit depends on your age, the appraised home value, and current interest rates. Fortunately, recent changes have raised FHA lending limits, meaning you may qualify for more.
Will I lose ownership of my home?
No. You retain ownership as long as you occupy the home and meet loan requirements. The FHA insurance protects your heirs from any liability beyond the home’s value.
What happens if the loan balance exceeds my home's value?
Thanks to FHA insurance, you and your heirs will never owe more than the home’s market value, even if property values decline.
How is the loan repaid?
The loan is repaid when you sell the home, move, or pass away. Even if the home’s value decreases, the insurance ensures you or your heirs aren’t responsible for any shortfall.
Resources and Tools
Estimate how much you can borrow based on your home’s value and your age.
Watch short, engaging clips that explain how HECMs work and how they can benefit you.
Get a free, in-depth PDF covering every aspect of HECMs, from eligibility to payout options.
Ready to learn more? Speak with one of our Expert Licensed Reverse Mortgage Specialists:
- 1-800-592-0121
- Reverse@EvoqueLending.com
- Schedule a Consultation