What is Home Equity Conversion?
Home Equity Conversion (HEC) is a term that refers to a variety of loans designed to help
older homeowners make use of the equity in their home without requiring them to move.
The most common types of home equity conversion are reverse mortgages, home repair
loans and property tax postponement.
What is Reverse Mortgage?
A Reverse Mortgage (a type of HEC) is a loan against accumulated home equity that provides
cash advances to a homeowner and requires no repayment until the end of the loan term or
until the home is sold.
The cash the borrower receives can be paid in several ways -- lump sum, line of credit, or
monthly for a specified number of months or as long as he/she is living in the home.
Who is Eligible?
To qualify, a person needs to be at least 62 years old and own their own single family home,
townhouse or condominium free and clear or have a very small mortgage balance.
For more information, please contact our Home Equity Conversion Counselor at 650-348-6660.
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