Facing the reality of retirement can be challenging. If you are a homeowner 62 years of age or older, with moderate to significant equity in your home; a reverse mortgage may be right for you.

The HECM (Home Equity Conversion Mortgage) is a federally insured reverse mortgage program and is the most prominent reverse mortgage product in the market. There are a few program options available under the FHA insured HECM Program; they are as follows:

• Monthly Adjustable
  This is an adjustable rate program with a varying margin added to the index. The rate adjusts on a monthly basis and is tied to the LIBOR (London Interbank Offered Rate) plus applicable margin.
• Fixed Rate
  This is a fixed rate program. This program requires that a borrower takes all proceeds available cash out in a lump sum at closing.
• You can even purchase a home using a Reverse Mortgage Certain restrictions apply
  Most costs associated with a reverse mortgage can be financed into the loan; this means that they can be paid from the proceeds of your reverse mortgage transaction.

Unlike traditional mortgages, there are no payments required back to the lender until the last surviving borrower on title no longer occupies the home as their primary residence.