Free up the funds you need with our Home Equity Conversion Mortgage

A Home Equity Conversion Mortgage (HECM) is a great way to take advantage of the benefits of a Reverse Mortgage without having to pay exorbitant closing costs.

You can now supplement your monthly income, establish a line of credit, handle your home improvements or reach other financial goals while enjoying low up-front closing costs.

If you’re a Homeowner over the age of 62 and want to secure funds using your home’s equity with flexible loan options and repayment feature, our Home Equity Conversion Mortgage is for you!

You can use a Home Equity Conversion Mortgage to:

  • Refinance an existing mortgage
  • Consolidate high interest debt
  • Gain financial control and flexibility
  • Finance large purchases
  • Handle home improvement projects
  • Purchase another home

A HECM is a great option for many; however, applicants must meet the following requirements:

  • Must be 62 or older
  • Must maintain and live in the home as your primary residence
  • Must continue to pay for property related charges such as taxes, insurance, etc.
  • Must participate in a face-to-face consumer information session provided by a HUD-approved HECM counselor
  • All applications are subject to credit approval
If you’re interested in a Home Equity Conversion Mortgage and meet the requirements, visit our Main Office at 2203 Cranberry Highway, call 508-291-0777 or email loans@pctfcu.org.

Membership eligibility required. All borrowers, non-borrowing spouses, guardians, conservators, and power of attorneys are required to be counseled by a third party, HUD-approved counselor. Massachusetts residents are required to attend a face-to-face meeting. The signed and dated counseling certificate is required before loan processing can begin. Borrowers who elect a fixed rate loan will receive a single disbursement lump-sum payment. Other payment options are available for adjustable rate loans only. Subject to credit approval. This material has not been reviewed, approved or issued by FHA, HUD or any government agency. PCTFCU NMLS #522990. Borrow must meet their loan obligations, keeping current with property taxes, insurance, maintenance and homeowner’s (HOA) fees. Federally insured through FHA Insurance. Equal housing opportunity provider.