What is a Reverse Mortgage or Home Equity Conversion Mortgage (HECM), and how does it work?
*You must be 62 years old or older. *You must own your own home and it must be your primary residence. *If you have an existing mortgage, the balance must be paid off at closing either by the reverse mortgage or by another source. *Your property must be a single-family, 2-4 units multifamily, modular, condominium, manufactured home or planned unit development (PUD), but cannot be a mobile home. *The home value cannot be over the national loan limit of $625,000 (effective until December 31, 2010). There is no minimum value.
