What is a HECM Loan?
The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both. In order to qualify for a HECM you must be of retirement age, 62 years old. While HECMs are typically used to withdraw the equity in your existing home, you are able to structure a HECM for purchase as well.
HECM Loan Limits
HECM loan limits have a nationwide loan limit of $636,150. However, different counties have different limits on how much you can borrow for a HECM Loan. San Diego County has a loan limit of $612,950
Get Approved for a HECM Loan
If you are at or approaching retirement age and looking for creative ways to increase your monthly cash flow in La Mesa, El Cajon, Alpine CA, Mt. Helix, greater San Diego or anywhere in the state of California, contact Craft Home Loans at (619) 867-0975 for more information, or fill out the form on this page.