Reverse Mortgage (HECM)


	What is it? Home Equity Conversion Mortgage (HECM) Counseling is the loan counseling required before you can take out a federally insured HUD reverse mortgage. A "reverse" mortgage is a loan against your home that you do not have to pay back for as long as you live there. No matter how this loan is paid to you, you do not have to pay anything back until you die, sell your home, or permanently move out of your home. What do I get? The cash you receive from a reverse mortgage can be paid to you in several ways: All at once, in a single lump sum;As a regular monthly cash advance; As a "credit line" account that lets you decide when and how much of your available cash is paid to you; or As a combination of these payment methods


	When you sell your home or no longer use it as your primary residence, you or your estate will have to repay the cash you received from the reverse mortgage, plus interest and other fees.