The H.E.C.M. is available to you if you are age 62 or over. You may apply for a H.E.C.M. within 90 days of your 62nd birthday but may not close until you are age 62.

The H.E.C.M. is only available on your principal residence.

Your home must meet HUD’s minimum property standards, but you can use the H.E.C.M. to pay for most required repairs.

You must receive HUD-approved counseling. HUD will allow a telephone counseling session if you prefer. For a list of approved counselors, go to:www.hud.gov/offices/hsg/sfh/hecm/hecmlist.cfm

Your home must be a single family residence in a 1 to 4 unit dwelling, or part of a condominium approved by HUD or Planned Unit Development (PUD); some manufactured and mobile homes are also eligible as long as they conform to HUD regulations and are permanently tied to their foundation (the foundation will need to be certified by a licensed engineer). Cooperatives are not eligible.