Reverse Mortgage (HECM)
Put Your Home Equity to Work in Retirement
Explore whether a reverse mortgage may provide another way to access home equity while remaining in your home.
Answer a few short questions and a Merchant One Financial reverse mortgage specialist will follow up. No obligation.
- For homeowners age 62 and older
- Line of credit, monthly payment and lump-sum options
- HUD-approved counseling is part of the process
Personalized Guidance
Experienced mortgage professionals
Multiple Options
Access to multiple mortgage solutions
Florida Expertise
Serving homeowners throughout Florida
No Obligation
Explore available options without a commitment
How It Works
Understanding a Home Equity Conversion Mortgage
A HECM is the FHA-insured reverse mortgage program. Here is an overview of how it generally works.
Access Home Equity
A HECM lets eligible homeowners convert a portion of their home equity into funds without selling the home.
Flexible Payout Options
Funds may be available as a line of credit, monthly payments, a lump sum or a combination, depending on the program.
No Required Monthly Mortgage Payments
Borrowers are not required to make monthly principal and interest payments, but must continue to pay property taxes, homeowners insurance and maintenance and live in the home as their primary residence.
You Keep Ownership
You retain ownership of your home as long as you meet the loan obligations, including maintaining the property and paying property taxes and insurance.
FHA-Insured
HECMs are insured by the Federal Housing Administration (FHA) and are subject to federal requirements designed to protect borrowers.
Non-Recourse Loan
HECMs are non-recourse loans, which generally means the amount owed when the home is sold to repay the loan will not exceed the home’s value.
Get Started
Explore Your Reverse Mortgage Options
Answer a few questions and a reverse mortgage specialist will follow up to discuss your goals. Prefer to talk now? Call 800-794-0441.
Qualifications
Who May Qualify for a HECM?
While eligibility requirements may vary, these are some general qualifications for a HECM reverse mortgage. A loan specialist can review your situation and explain the requirements that apply.
Important to understand: a reverse mortgage is a loan. The loan balance grows over time as interest and fees accrue, and the loan generally becomes due when the last borrower no longer lives in the home as a primary residence, the home is sold, or loan obligations are not met.
General Qualifications
- Age: at least one borrower must be 62 or older
- Primary residence: you must live in the home
- Home equity: sufficient equity in your home
- Financial assessment: ability to meet ongoing obligations such as taxes, insurance and maintenance
- HUD counseling: a session with a HUD-approved counselor is required
Next Steps
A Simple, Guided Process
Tell us about your goals
Share a few details about your home and what you would like to accomplish.
Review your options
A loan specialist explains reverse mortgage options that may be available and answers your questions.
Counseling and application
If you decide to proceed, you complete HUD-approved counseling and we help guide you through the application.
FAQ
Reverse Mortgage Questions, Answered
What is a HECM?
A Home Equity Conversion Mortgage (HECM) is the FHA-insured reverse mortgage program. It allows eligible homeowners age 62 and older to access a portion of their home equity.
Do I still own my home?
Yes. You continue to own your home as long as you meet the loan obligations, including living in the home as your primary residence, paying property taxes and homeowners insurance, and maintaining the property.
When does a reverse mortgage need to be repaid?
Generally, the loan becomes due when the last borrower permanently moves out or passes away, the home is sold, or the loan obligations are not met.
Is counseling required?
Yes. Before obtaining a HECM, you are required to complete a counseling session with a HUD-approved counselor.
Can I have an existing mortgage?
In many cases, yes. An existing mortgage is generally paid off with reverse mortgage proceeds at closing, which affects the funds available to you.
A reverse mortgage is a loan that must be repaid. Borrowers must live in the home as their primary residence, continue to pay property taxes, homeowners insurance and any HOA dues, and maintain the home. The loan balance increases over time. These materials are not from, and are not approved by, HUD, FHA or any government agency. This is not a commitment to lend. All loans are subject to eligibility, credit approval and underwriting guidelines.
Explore Your Reverse Mortgage Options
Answer a few questions or call to speak with a reverse mortgage specialist.
Merchant One Financial LLC — your trusted Florida mortgage broker since 2015.
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Our Locations
Largo
12800 Indian Rocks Rd #5c
Largo, FL 33774
Belleair
2401 West Bay Dr #4110
Largo, FL 33770
Merchant One Financial LLC · NMLS #1469870 · NMLS Consumer Access
This is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines and property eligibility. Programs, rates and terms are subject to change without notice.
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