The HECM reverse mortgage  program backed by FHA mortgage insurance allows homeowners to borrow against the equity in their homes. Homeowners can select from five payment plans when using open ended HECM plans:

1.  Tenure- equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.

2.  Term - equal monthly payments for a fixed period of months selected.

3.  Line of Credit - unscheduled payments or in installments, at times and in amount of borrower's choosing until the line of credit is exhausted.

4.  Modified Tenure - combination of line of credit with monthly payments for as long as the borrower remains in the home.

5.  Modified Term - combination of line of credit with monthly payments for a fixed period of months selected by the borrower.

When selecing a Fixed Rate closed end HECM the following option is required:

1.  Lump Sum -  You must withdraw all the funds at settlement. 

If you need assistance locating a FHA-approved lender, visit the following list of lenders and loan officers located in or near your home, CLICK HERE

Reverse Mortgage Association for Loan Officer (REMALO) attest to a strict Code of Ethics.  CLICK HERE

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