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Reverse Mortgage or Home Equity Conversion Mortgage (HECM) is a loan against your home requiring no repayment for as long as you live there. A home equity loan allows individuals to convert some home equity while retaining homeownership. Funds obtained from the reverse mortgage may be used for any purpose.
General Services Provided:
• Provides counseling to those who are interested in a reverse mortgage.
• Target population: must be a homeowner age 62 or older, must be living in the house for at least 6 months, have low debt against the house and cannot be living in a mobile home.
• No income guidelines apply.