HECM Reverse Mortgage

Who qualifies for Reverse Mortgage?

Home Equity Conversion Mortgages for Seniors

If you are 62 years or older, a homeowner and have significant equity in your home, you may be eligible for a Home Equity Conversion Mortgage (HECM) loan, commonly known as a reverse mortgage. The HECM is the only reverse mortgage insured by the U.S. Federal Government and is only available through FHA approved lenders.

Borrower Requirements

HECM’s can be very helpful financial tools for those who are eligible. In addition to being at least 62 years old, some additional borrower requirements include:

  • Can not being delinquent on any federal debt
  • Must attend a session with a HUD-approved HECM counselor
  • Owning the property outright, or at least having paid off a considerable amount of your mortgage
  • Occupying the home as your primary residence
  • Have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and Homeowner Association fees, etc.

Property Requirements

The following eligible property types must meet all FHA property standards and flood requirements:

  • Must be a Single family home or 2-4 unit home with one unit occupied by the borrower
  • A HUD-approved condominium project
  • Manufactured home that meets all FHA requirements

Rick Vega

Mortgage Banker

About Us

I began working in real estate back in 1999 and have enjoyed many years in the business as a consultant, investor and lender. I have owned my owned real estate development company and have taken that knowledge and experience into the world of mortgage banking. I help my clients navigate the home buying process from start to finish and I'm committed to making the entire loan process simple and stress free for my clients and their respective agents.

Read More About Rick Vega and LeaderOne Financial

Contact Rick Vega 913-677-2645 Apply Online