Reverse Mortgage Counseling
Understanding a Home Equity Conversion Mortgage (HECM)
A Home Equity Conversion Mortgage allows homeowners 62 years of age or older to draw upon the equity they have built up in their homes. Unlike a home equity loan where one has to make monthly payments for a number of years, no repayment of the HECM is required until one either sells the home or vacates it for other reasons. At that time, the accrued interest plus what the lender has paid out over the years become due and payable.
Any homeowner over 62 years of age is eligible for a HECM. However, the homeowner must either own his or her home free and clear or have a very low outstanding mortgage balance.
HECMs make it possible for older members of our community to remain in their homes and retain the ability to undertake repairs and maintain their houses.
The HOC staff are here to assist you throughout the entire process. If you'd like to inquire about a HECM, please call (203) 777-6925.
Additional HomeOwner information: