By now that you have read several articles and information on the Reverse Mortgage Program, also known as a HECM mortgage. You may be ready to contact lenders and get a quote on the price it is going to cost you to move forward. Here are some basic requirements that you must meet in order to qualify.
- You must be at least 62 years of age.
- The home you are refinancing must be your primary residence
- Your home must be a single family residence, manufactured home converted to real property, approved FHA condo, or a multi-unit property that has no more than four units
- Your home must meet FHA guidelines. Examples are as follows: railing on stairwells, no peeling paint, no roof leaks, etc.
- You must speak to a reverse mortgage counselor regarding the HECM program.
HECM loans are available in all fifty states along with Puerto Rico. It is a great idea to receive at least three quotes on the HECM program and proceed with the company that has the best service and the best reputation. The HECM loan allows seniors who are at least 62 years of age refinance into a reverse mortgage. The older you are the more equity that will be available to you. Please contact your reverse mortgage specialist and ask him/her to provide you with a estimated fee proposal. Please also remember that when you refinance into the HECM program the lender or government does not own your home--you are still the owner of that residence.