Trusted Reverse Mortgage Services | The Milsap Mortgage Team
Independent Reverse Mortgage Education Resource
Learn How a Federally-Insured HECM Reverse Mortgage Works
For homeowners age 62+. We provide clear education on HECM reverse mortgages to assist seniors with key decisions that need to be made.
HECM Home Solutions is not a lender and does not make credit decisions
If you’re age 62 or older, a Home Equity Conversion Mortgage (HECM) is a federallyinsured reverse mortgage that may allow qualified homeowners to convert part of their home equity into available funds. HECM Home Solutions provides education about how reverse mortgages work and further assists seniors with helpful resources.
Borrowers must continue to pay property taxes, homeowners’ insurance, and maintain the home as their primary residence.
Potential Benefits of a HECM Reverse Mortgage (For Eligible Homeowners)
- Access to Home Equity: Eligible homeowners may access a portion of home equity as available funds.
- No Required Monthly Mortgage Payments: No required monthly mortgage payments as long as loan obligations are met (property taxes, insurance, occupancy, and maintenance still apply).
- Flexible Payout Options: Depending on the loan, funds may be available as a lump sum, monthly payments, or a line of credit.
- FHA-Insured Protections (HECM): HECM loans are federally insured, and borrowers typically cannot owe more than the home’s value at repayment (certain conditions apply).
- FHA Insured: Rest assured, all HECM loans are backed by the Federal Housing Administration.
We do not offer loans. We provide educational information and, at a homeowner’s
request, may assist with connecting them to licensed reverse mortgage lenders.
How a Reverse Mortgage Loan Works
A HECM reverse mortgage is a federally-insured loan available to qualified homeowners age 62 and older. It converts a portion of your home equity into cash through a participating, licensed reverse mortgage lender, which you can use today.
Repayment is generally due when the last borrower permanently leaves the home, sells the home, or no longer meets loan obligations.
To qualify, you must own your home outright or have substantial equity. Additionally, you must maintain the home as your primary residence.
Borrowers must continue paying property taxes, homeowners’ insurance, and maintain the home.
This allows you to access funds while staying in the comfort of your own home, providing financial stability and peace of mind during retirement.
Eligibility Criteria
- At least 62 years old.
- The home must be your primary residence.
- You must own your home or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan.
- You must not be delinquent on any federal debt.
- Financial assessment to ensure you can maintain property taxes, insurance, and upkeep.
- HUD-approved counseling is required before obtaining a HECM.
Dispelling Common Myths
Myth: You could lose your home.
Fact: Borrowers typically keep title to their home as long as they meet loan obligations, including occupying the home as a primary residence and staying current on property taxes, homeowners’ insurance, and required maintenance.
Myth: It’s only for desperate people.
Fact: Many financially savvy seniors use HECM loans as part of a strategy to manage their retirement funds effectively.
Myth: There are hidden fees and costs.
Fact: Costs and terms are reviewed during the lender’s disclosure process and can vary by borrower and loan structure.
Ask Us Anything
What if I outlive the loan money?
If you use available funds, you may continue living in the home as long as you meet
loan obligations (occupancy, property taxes, homeowners insurance, and
maintenance). Some payment options (like a line of credit) may remain available
depending on the loan structure.
Are there restrictions on how I can use the money from a HECM?
Funds from a HECM can generally be used for many purposes. However, the amount available and how it is accessed depends on the loan terms. We provide education and can connect you with a lender to review options if needed.
Can my heirs inherit the home?
Heirs may keep the home by paying off the loan balance (or up to 95% of the home’s appraised value if the loan balance is higher, in many cases). Heirs can also sell the home to repay the loan. Specific timelines and options are provided by the loan servicer/lender.
Customer Reviews
Disclaimer: Testimonials reflect individual experiences and do not guarantee future results. Reverse mortgage outcomes depend on eligibility, loan terms, and how funds are
used.
Contact Us
Ready to find out more? Complete the form below for a free, no-obligation consultation.
Disclosure-1: By submitting this form, you are requesting educational information. HECM Home Solutions is not a lender and does not make credit decisions. A representative may contact you. This is not a loan application.
Disclosure-2: Disclosure: HECM Home Solutions is an independent reverse mortgage education resource and is not a lender. We do not originate loans or make credit decisions. We may refer or connect homeowners to independent, licensed reverse mortgage lenders. Loan terms, eligibility, and availability are determined solely by the
originating lender.