Home Equity Conversion Mortgage (HECM)
HUD's Home Equity
Conversion Mortgage lets homeowners aged 62 or over, with
little or no remaining balance on their mortgage, convert
their home's equity into cash. The equity can be paid to the
homeowner as a lump sum, a stream of payments, a series of
draws from a line of credit, or a combination of monthly
payments and a line of credit.
The Home Equity Conversion Mortgage (HECM) is available from HUD-approved lenders and is insured under the FHA insurance program. Fannie Mae supports the HECM loan program and provides funding for its reverse mortgages.
2006 Conforming Loan Limits
Alaska, Guam, Hawaii,
and U.S. Virgin Islands only
1 $417,000 $625,500 2 $533,850 $800,775 3 $645,300 $967,950 4 $801,950 $1,202,925