The HECM is FHA’s Reverse Mortgage program that enables homeowners 62 years and older (or within 6 months of their 62nd birthday), to withdraw a portion of your home’s equity without having to sell the home, give up title, or take on a new monthly mortgage payment.
The equity can be used as a lump sum payout, a line of credit, or even as a monthly payment to you! You can use the payments for anything you like and do not have to pay back the loan while you live in the home, maintain it, and pay your home’s insurance and property taxes. However, the loan must be paid off when the owner no longer lives in the home. Typically families sell the home when the owner no longer lives there.
It’s important to note Reverse Mortgages are loans, and carry monthly interest charges, fees and other costs but they are simply added to the loan balance versus paid by the borrower (owner of the home). We counsel homeowners to not use these loans too early in retirement and risk depleting their equity too soon. Your home equity decreases over time while the loan balance increases. In some cases, the value of that loan exceeds the value of the home and will result in the borrower (or his/her estate) not having any proceeds when the home is sold.
We offer some of the most competitive rates in America, including No Closing Cost Loan options - saving you money now, and in the future.
We won’t charge you extra or inflated fees as some other lenders do.
For over 65 years our motto has been, “If it’s not good for the customer, it’s not good for us.” We pride ourselves on having the best customer service in the industry – even after you close. That’s right, we don’t sell your loan!
With our simple online loan process, you’ll be able to close quickly and efficiently.
As an approved HECM Lender, we’ll make sure you understand all the details of what a Reverse Loan has to offer and get the best mortgage deal for you.
James B. Nutter & Company originated the very first FHA Reverse Mortgage in 1989. Come home to a company that’s been in business since 1951 and treats you like family. We would be happy to discuss your options with you. Give us a call and we will gladly answer all your questions.
Call 1-800-313-REFI (1-800-313-7334).
If in the Kansas City area, call locally at 816-531-2345.
Office Hours: Monday-Friday 8:15 AM – 5:00 PM (CDT)
FHA Reverse Mortgages (HECMs) for Consumers
Frequently Asked Questions about HUD’s Reverse Mortgages
NOTICE: A REVERSE MORTGAGE IS A LOAN THAT MUST BE REPAID. Subject to age and property qualifications. Borrower responsible for property tax and homeowners insurance payments. Borrower must occupy property. James B. Nutter & Company will provide a complete list of terms and restrictions, options and benefits.