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Initial Pre-Qualifications for a
Home Equity Conversion Mortgage

  1. The Home must be the homeowner’s primary residence. 

  2. The youngest homeowner on the deed must be 62+.

  3. The Home Taxes to have been paid on time.

  4. All Home Insurances to have been paid on time.

  5. The HOA fees, if applicable, have to be paid on time.

  6. The Home must be well maintained and not in need of any major repairs.

PRE-QUALIFICATION
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What type of home
can a homeowner apply for a HECM? 

Single-family homes, townhomes, and FHA-approved condominiums are eligible when applying for a HECM. The home must be the homeowner's primary residence.

HOME TYPE
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     What is the HECM Estimated Principle Limit      
                         Amount based on?

       • Age of Youngest Borrower
       • Estimated Home Value (if sold today)
       • Current Home Mortgage Payoff Amount
           (if applicable)
       • Current HECM Interest Rate
       • Current FHA Conforming Loan Cap

APPROVED
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Financial Flexibility Services

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*Borrower is responsible for property taxes, homeowners insurance and property maintenance in order for the loan to remain in good standing.  A HECM is a home-secured loan that must be repaid upon default or a maturity event such as when the home is sold, all home owners have passed away or the last surviving borrower no longer lives there as their primary residence.

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