Elder Law Attorneys

Become a HECM Partner

When discussing elder care options with your clients, it is important to have all the information to make the best decisions. A home equity conversion mortgage (HECM), also known as a reverse mortgage, may be the best option for your client to remain in their home, maintain independence and cover necessary expenses. Partnering with a reverse mortgage expert who understands the rules and qualification criteria will set you apart in your market. We can help you determine when a home equity conversion mortgage is the right choice for your client’s specific goals and financial situation.

HECM Facts for Elder Law Attorneys

A home equity conversion mortgage (HECM), or a reverse mortgage, is a loan insured by the Federal Housing Administration that allows homeowners age 62 or older to use a portion of their home’s equity to obtain tax-free funds while avoiding monthly mortgage payments.

Home equity conversion mortgages are nonrecourse loans, meaning that when the home is sold to repay the loan, the homeowner and heirs will never owe more than the loan balance or the value of the property, whichever is less.

A reverse mortgage may be used for either purchase or refinance.

A home equity conversion mortgage for purchase is a reverse mortgage that allows borrowers age 62 and older to purchase a home without taking on monthly mortgage payments.

With a HECM refinance, your client can choose to receive their funds as:

  • Lump sum
  • Line of credit
  • Monthly payments
  • Combination of the above options
Senior reverse mortgage borrower walking behind his wife

Home equity conversion mortgage funds are commonly used to pay for in-home care, accessibility and safety modifications, home repairs and maintenance, and to supplement retirement income.

Let’s Work Together

Please contact us to help guide your clients through the reverse mortgage loan options that will best fit their needs. Call (208) 743-1005 or email us at jonathan.hughes@mannmortgage.com