Reverse Mortgage · HECM
HECM Reverse Mortgage
The Home Equity Conversion Mortgage is the most widely used reverse mortgage program in the United States — federally insured by FHA and overseen by HUD.
What Is a HECM?
A HECM (pronounced “heck-um”) is a reverse mortgage loan insured by the Federal Housing Administration (FHA) under the authority of the U.S. Department of Housing and Urban Development (HUD). It allows homeowners age 62 or older to access a portion of their home equity without selling their home or making monthly mortgage payments.
The loan does not require repayment as long as at least one borrower lives in the home as their primary residence and meets loan obligations — including paying property taxes, homeowner’s insurance, and maintaining the property.
How You Can Receive the Funds
Lump Sum
Receive the full available amount at closing. Fixed interest rate applies.
Line of Credit
Draw funds as needed. The unused portion grows over time, providing more flexibility.
Monthly Payments
Receive a fixed monthly disbursement — either for a set term or for as long as you live in the home.
Combination
Mix a partial lump sum with a line of credit or monthly payments based on your needs.
General HECM Requirements
- At least one borrower must be age 62 or older
- The home must be your primary residence
- Single-family homes, FHA-approved condominiums, and 2–4 unit properties you occupy are eligible
- You must have sufficient equity — typically the more equity, the more you may access
- You must be financially able to pay property taxes, homeowner's insurance, and upkeep
- Completion of a HUD-approved counseling session is required before the loan closes
If you or your spouse are between the ages of 55 and 61, ask about proprietary (jumbo) reverse mortgage programs, which may have lower age requirements than the federally insured HECM.
Loan amounts depend on age, home value, appraised value, current interest rates, and program guidelines. A licensed Ennkar loan officer will review your specific situation at no cost. This is not a commitment to lend. Ennkar, Inc. NMLS #976231. Licensed mortgage company in 16 states. Not all products available in all states. View licensing information · NMLS Consumer Access. Federal law requires HUD-approved counseling before a HECM loan closes. Find a HUD-approved counselor.
HECM Lending Limits
HECM loans are subject to an FHA lending limit that is updated annually. Homes valued above this limit may still use a HECM, but the maximum loan amount is based on the limit — not the full home value.
For higher-value homes, Ennkar also offers a Jumbo Reverse Mortgage that may allow access to more equity.
Curious how much you may access?
Get a free, no-obligation estimate in minutes. No pressure — just answers from a licensed Ennkar loan officer.
This is not a commitment to lend. Ennkar, Inc. NMLS #976231. Licensed mortgage company in 16 states. Not all products available in all states. View licensing information · NMLS Consumer Access.