Certain homeowners may be eligible for a reverse mortgage (HECM) – a kind of loan that allows you to draw cash from the equity in your home without having to make payments for as long as you live in the home. But it’s not the right fit for everyone.
In order to qualify for a reverse mortgage loan, you must:
- Be 62 years of age or older
- Own your home as your principal residence, preferably with a low loan balance
- Own a home that meets FHA requirements
Federal law requires, in order to take advantage of a reverse mortgage (HECM), that you obtain counseling from a HUD-certified agency, such as the Wyoming Housing Network. Counseling ensures that you receive independent information, and fully understand the terms of your loan and your options.
Wyoming Housing Network can help you learn more, and navigate the process.
If you require help due to a disability or language barrier, please contact Wyoming Housing Network for assistance.