Seventy-five percent of the home's existing external walls and interior structural framework must remain in place as part of the rehabilitation. Please see the latest income and purchase price limits. The HMFA offers HECM reverse mortgage loans. The program assists older homeowners to access money by using the equity in their homes as collateral. Loan proceeds can be taken in a lump sum, monthly payments, line of credit or some combination of these options.
Loan amount is determined by property value and borrower age.
Counseling is required. No restriction on value of property. No income requirements or verification. FHA maximum mortgage amounts apply against amount borrowed for the FHA product. Funds are unavailable at this time.