Who qualifies
Homeowners age 62+ with significant home equity, primary residence, current on taxes/insurance.
What you get
FHA-insured loan that converts home equity into cash, line of credit, or monthly payments. No mortgage payment due as long as you live in the home. Loan repaid when you sell, move out, or pass away.
Tips that matter
Required HUD counseling first — take it seriously. Watch for upfront fees (~$15K is common). HECM is a useful tool for staying in your home, but it's expensive money. Consider downsizing or a HELOC first.
How to apply
Find a HUD-approved HECM counselor at hud.gov/i_want_to/talk_to_a_housing_counselor (required by law).
State-level help on top of this
Most states layer their own programs on top of this federal one — pharmacy assistance, property tax relief, state Medicaid waivers. Pick your state to see what's available where you live.