If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA's Home Equity Conversion Mortgage (HECM) program. The HECM is FHA's reverse mortgage program that enables you to withdraw a portion of your home's equity. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.
For homeowners with home values in excess of 1 million dollars, there may be a way to access more equity compared to the traditional HECM FHA Insured reverse mortgage.
Fresno /Clovis (559) 472-0446
San Luis Obispo County (805) 423-3112
Katie B. Austin NMLS ID 233634
HighTechLending Inc. NMLS ID 7147
Monday - Friday: 9am - 5pm
Saturday: By appointment