What is it?
This national program is safe and is Government-Insured by the Federal Housing Administration (FHA), a division of the Department of Housing and Urban Development (HUD).
The HECM program was signed into law as a national program in 1988 and since its inception has helped hundreds of thousands of homeowners safely access the equity in their homes, helping them better enjoy their retirement years.
Some key requirements are:
- Be at least 62 years of age or older
- Live in your home as your primary residence
- Live in a single family home, two to four-unit owner-occupied home, townhouse, approved condominium unit, or certain manufactured homes
You must also meet the following conditions:
- Attend a HUD-approved counseling session
- Continue to pay property taxes and homeowners insurance
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