Reverse (HECM) Program

Are you of retirement age and looking to pull the equity from your home? The HECM, short for Home Equity Conversion Mortgage, is the only reverse mortgage insured by U.S. Federal Government. HECM is a reverse mortgage that is increasing in popularity to supplement income. This reverse mortgage is only available through an FHA-approved lender, like GoPrime Mortgage.  

Reverse (HECM) Program Requirements

To be eligible for this type of mortgage, the following requirements must be met:

Borrower Requirements

  • Be 62 years of age or older 
  • Own the property outright or have significant equity 
  • Occupy the property as your principal residence 
  • Not be delinquent on any federal debt 
  • Have financial resources to continue to make timely payments of ongoing property charges such as property taxes, insurance, homeowners association fees, etc. 
  • Participate in a consumer education session given by a HUD-approved HECM counselor 

Property Requirements

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

  • Single family home or 2-4 unit home with one unit occupied by the borrower 
  • HUD-approved condominium project 
  • Individual condominium units that meet FHA requirements 
  • Manufactured home that meets FHA requirements 

Financial Requirements

  • Income, assets, monthly living expenses, and credit history will be verified 
  • Timely payment of real estate taxes, hazard, and flood insurance premiums will be verified