Home Equity Conversion Mortgage in Will County, Illinois
The Home Equity Conversion Mortgage is a reverse mortgage for homeowners age 62 and over that enables the homeowner to withdraw a portion of the home’s equity. The equity then supplements the homeowner’s income.
Who is Eligible for Home Equity Conversion?
Homeowners at least 62 year old that occupy the home as the principle residence.
What is the Amount Available for Withdrawal?
The amount that will be available for withdrawal varies by borrower and depends on:
- Age of the youngest borrower or eligible non-borrowing spouse
- Current interest rate
- Lesser of appraised value or the HECM FHA mortgage limit or the sales price