Homeowners who are at least 62 years of age can now use the equity in their homes to supplement their retirement income, payoff existing loans, and increase monthly cash flow. With healthcare costs and living expenses on the rise, tens of thousands of seniors have been relieved of their financial burden with the help of reverse mortgages.

The Home Equity Conversion Mortgage (HECM) is a federally-insured reverse mortgage backed by the U.S. Department of Housing and Urban Development (HUD). These loans have no income, credit or medical requirements necessary to qualify. Loan proceeds are tax-free, there are no limitations on how the money is used. There are no monthly payments to make, and generally the loan does not need to be paid unless you pass away, sell your home, or permanently move out of your home.