Information for Seniors
NRIA promises zero tolerance for any contractor who preys on seniors.
If you need help finding a licensed contractor or want to report a problem with
a contractor in your area, call toll free 1-877-591-2672. Representatives are available to take your call seven days a week.
HECM Program
(Home Equity Conversion Mortgage Program)
Summary:
The Home Equity Conversion Mortgage program enables older homeowners to withdraw
some of the equity in their home in the form of monthly payments for life or a
fixed term, or in a lump sum, or through a line of credit.
Purpose:
The Home Equity Conversion Mortgage Program (HECM) can enable an older home
owning family to stay in their home while using some of its built up equity.
The program allows such a household to get an insured reverse mortgage which is
a mortgage that converts equity into income.
Important:
Because older persons can be vulnerable to fraudulent practices, this program
requires that persons receive free reverse mortgage housing counseling from a
HUD-approved reverse mortgage counseling agency before applying.
FHA insures HECM loans to protect lenders against loss if amounts withdrawn
exceed equity when the property is sold.
FOR MORE INFORMATION:
Call toll free 1-800-661-4515 or click here to fill out a brief Application Form and we will have a properly licensed
professional answer your additional questions.
