Home Equity Conversion Mortgages (HECM)

See if you could take advantage of the equity in your home with this government-backed program available to homeowners age 62 and older.

At Open Mortgage, we offer reverse mortgage financing solutions to homeowners who are seeking to utilize the equity in their homes to help with living expenses, healthcare costs, travel, or anything else that they wish to use the money for.

Not sure if a reverse mortgage is right for you? Contact us today for a free, no obligation consultation.

About HECM Loans

Commonly known as a reverse mortgage, HUD’s HECM program was enacted under the Reagan Administration and has become a popular financial tool for helping seniors remain in their homes and maintain their quality of life in their retirement years.

Funds from a reverse mortgage may be used for whatever purpose the borrower wishes. The amount of funds available is based upon the age of the youngest borrower or eligible non-borrowing spouse, the current interest rate, and the lessor of the appraised value, the HECM mortgage limit, or the sales price in the case of a purchase transaction.

Our Reverse Mortgage Professionals can help walk you through how reverse mortgages work and can help you determine how much you may qualify to borrow.

Some of the Basic Requirements for Reverse Mortgages

  • Must be 62 years or older
  • Only available for primary residences (no vacation/second homes or investment properties)
  • Property must meet all FHA property standards and flood requirements
  • Borrowers must complete an HUD-approved counseling session
  • Must continue to pay homeowners taxes, insurance, and any applicable HOA fees
  • Must maintain the condition of the property

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