This program assists qualified homeowners interested in learning how to convert the accumulated equity in their homes to cash without having to move or make regular loan payments. The eligibility requirements for HECM, sometimes called a reverse mortgage, are:

Borrower must be 62 years of age or older

Borrower must own or occupy a single family or one-to-four unit home with little or no mortgage balance Choosing a neighborhood

Borrower must maintain the home as his/her principal residence for the duration of the reverse mortgage.

No income qualifications apply, and repayment is not due until the last surviving borrower dies, sells or permanently moves from the property.

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