Home Equity Conversion Mortgage (HECM) is for homeowners who are 62 years or older. These mortgages allow homeowners to convert equity in their homes into income that can be used to pay for home improvements, medical costs, living expenses, or other expenses. Homeowners should schedule a HECM counseling session if they are seeking assistance in understanding how to convert the equity in their home into a monthly stream of income, line of credit or lump sum payment. Elderly homeowners are encouraged to have children, heirs, relative, or trustees attend the counseling session with them so that everyone fully understand the implication of this loan.
HECM counseling is FREE at HCS. To arrange a one-on-one counseling session call (202) 667-7706.
Click here to view the guidelines of the HECM program. Please be sure to bring all required documents to your counseling session (Document Checklist).
