What is a HECM?

A Home Equity Conversion Mortgage (HECM) is a government-insured reverse mortgage. HECM loans offer many different options on interest rates, how much money you can access, and how you receive your payments.

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 sales price for the property you are buying. This can make it easier for you to move into your dream home, or downsize to a house that better suits your needs.

HECM Counselors will discuss program eligibility requirements, financial implications, and alternatives to obtaining a HECM. They will also discuss provisions for the mortgage becoming due and payable. Upon the completion of HECM counseling, you should be able to make an independent, informed decision on whether this product will meet your needs. We are happy to assist you in finding a qualified counselor, or you can search on-line for a HUD certified HECM counselor.

Stephen Eastman has helped many Maine and New Hampshire residents to understand  and obtain HECM loans. To set up a free, no obligation, informational session, please contact Stephen. Contact us »