how hecms work
Who Is Eligible for a HECM?
To qualify for a HECM, you and any other owner of your home must be at least 62 years of age. What other eligibility requirements apply?
- The home you are using for the mortgage must be your primary residence.
- You cannot be behind on your Federal taxes.
- Your home must meet HUD’s minimum property standards, but you can use the HECM to pay for required repairs.
These are ALL eligibility requirements. You cannot be approved for a HECM loan if you are delinquent on any federal debt or if you’ve had suspensions, debarments, or are excluded from participation in FHA programs. You must also complete a counseling session with a HUD-approved housing counselor.