FHA Reverse Mortgage (HECM)
FHA-insured home equity conversion mortgage for seniors 62+.
How it works
The FHA-insured HECM lets homeowners 62+ convert equity into tax-free funds with no monthly mortgage payment, repaid when the home is sold or the borrower leaves.
Key things to know
- Minimum 3.5% down with a 580+ credit score (10% down for 500-579).
- Loan amounts are capped by your county FHA limit — $541,287 floor up to $1,249,125 in high-cost areas.
- FHA mortgage insurance applies; budget the 1.75% upfront premium plus annual MIP.
- The home must be your primary residence and meet FHA's minimum property standards.
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Frequently Asked Questions
- What is the FHA Reverse Mortgage (HECM)?
- The FHA-insured HECM lets homeowners 62+ convert equity into tax-free funds with no monthly mortgage payment, repaid when the home is sold or the borrower leaves.
- What credit score and down payment are required?
- Like other FHA loans, 580+ qualifies for 3.5% down; 500-579 requires 10% down.