Reverse Mortgage Basics – cont.

- Amount qualified depends on age & FHA mandated “Financial Assessment (FA)”

- HECM (Home Equity Conversion Mortgage) is an FHA insured Reverse Mortgage.

- HECM Reverse Mortgages follow FHA guidelines

- HECM Home Maximum value is $636,150

- Loan paid back when last borrower leaves home – either when they move or when last borrower dies

- Heirs have 6+3+3 (12) months to pay back loan after death - often paid back from proceeds of trust/probate home sale