Housing Programs

Reverse Mortgage for Elderly Homeowners

The Housing Trust offers Home Equity Conversion Mortgage (HECM) counseling. If you have a lower loan balance or own you house outright, this federal program, often referred to as a reverse mortgage, can help seniors eliminate monthly payments on their home and have a monthly stipend for living expenses.

HECM can be used by homeowners who are 62 years of age and older. The total income that an owner can receive through HECM is the maximum claim amount, which is calculated with a formula including the age of the owner(s), the interest rate, and the value of the home.

For more information about this program see the HUD website, or contact Ron Chavez.