An FHA-insured Home Equity Conversion Mortgage (HECM) allows eligible homeowners age 62 or older to borrow against home equity without a required monthly principal-and-interest payment. Other reverse products can have different eligibility. Interest and financed charges can increase the balance; taxes, insurance, occupancy, maintenance and other obligations remain.
Loan Products
Reverse mortgages
For homeowners 62+ who want to draw on their equity without a monthly mortgage payment.
By Lighthouse Companies, LLC · Updated · 2 min readLighthouse provides educational information, not a personal loan quote, lending decision, or legal or financial advice. Verify the figures against your documents and ask your lender, servicer, or a qualified professional about your circumstances.