Loan Options
A Home Equity Conversion Mortgage (HECM) is a specialized loan designed to help homeowners aged 62 and older access the equity in their homes while maintaining ownership and residency. Often referred to as a reverse mortgage, this financial tool offers flexible options to receive funds, including monthly payments, a line of credit, or a lump sum, all tailored to meet your unique needs. With no monthly mortgage payments required, repayment is deferred until the home is sold, the owner moves out, or the loan term ends. HECM loans provide a way to enhance financial security, supplement retirement income, and cover essential expenses, all while staying in the comfort of your home.
Home Equity Conversion Mortgage (HECM) Loan
A Home Equity Conversion Mortgage (HECM), also known as a Reverse Mortgage, is a federally insured loan backed by the U.S. Department of Housing and Urban Development (HUD). If you qualify, a HECM allows you to access a portion of your home’s equity, providing funds that can be used for unexpected expenses like nursing home costs, long-term care, or additional cash flow for daily needs. Repayment is deferred as long as all loan terms are met, with no payments required until the last surviving borrower permanently moves out of the home or passes away.
​
HECM Reverse Mortgage Qualifications:
-
Borrower(s) must be 62 years or older.
-
Must own the home outright or have significant equity and live in it as the primary residence (at least six months per year).
-
The property must be a single-family home, a 2- to 4-unit dwelling, or an FHA-approved condo.
-
Must meet minimal credit and property requirements.
-
Must complete reverse mortgage counseling with a HUD-approved agency.
-
Must not be delinquent on any federal debt.
​
Download the Fairway Now App
The FairwayNow app is a mobile application that helps loan officers enhance relationships, stay ahead of the competition and close loans faster! Loan officers stay front and center with individually branded apps. FairwayNow facilitates communication with the borrower and Realtor®, and provides a variety of tools aimed at making the process easier and quicker for everyone involved.
Stay Informed! Join our mailing list to receive HECM Loan Insights delivered to your inbox
Stay informed and take control of your financial future by joining our mailing list! As a subscriber, you’ll receive expert insights, updates on Home Equity Conversion Mortgage (HECM) loans, and helpful resources delivered straight to your inbox. Whether you’re exploring options or ready to take the next step, our curated content will keep you informed and empowered. Sign up today and stay connected with the latest tools and information to support your retirement goals!
Complaints may be directed to: (877) 699-0353 or Email us: customerservice@fairwaymc.com. | Private Policy | Terms of Use | Legal Disclosures Licensing | NMLS Consumer Access
​
Copyright©2025 Fairway Independent Mortgage Corporation (“Fairway”) NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Opportunity.