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:
|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.|