Many homeowners across the country have chosen a reverse mortgage to help them enjoy more financial security. If you are age 62 years or better, the Home Equity Conversion Mortgage (HECM) may be the right thing for you. 

The HECM allows seniors to tap into a portion of the equity in their home to meet their personal and financial goals. The HECM is a Federal Housing Administration (FHA) insured home loan that can help eligible borrowers enjoy their golden years even more. 


Why Consider a HECM Loan?

  • Eliminate monthly mortgage payments (borrower remains responsible for paying property charges, including homeowners insurance, taxes, and maintenance of home for the term of the loan)
  • Your home does not need to be free and clear of any existing mortgages
  • Stay in your home and maintain the title
  • Most closing costs and fees can be financed as part of the loan, resulting in little or no upfront fees
  • Receive your funds in a lump sum, a regular monthly payment, a credit line, or a combination of these options
  • Loan proceeds can be tax-free (consult your tax advisor)
  • Heirs inherit any remaining equity after paying off the HECM loan

Safeguards for Borrowers

D. L Evans requires the borrowers take Independent HUD approved counseling prior to making the application. Lenders may only look to the value of the home for repayment; no other asset may be attached if the loan balance grows beyond the mortgaged home value (non-recourse loan). This is to protect you and your home's equity during the lending process. 


  • Youngest titleholder must be 62 years or older
  • Amount available is based on the age of the youngest borrower, current interest rates, existing mortgage amount, and the lesser of the appraised value of your home or the maximum lending limit
  • Property must be a single family home, 2-4 unit owner-occupied dwelling, FHA approved condo or manufactured home
  • Borrower must complete a HUD approved counseling session

Contact one of our reverse mortgage experts to learn more about how we can help you understand more about this great program.