Is the older person you care for "house rich and cash poor?" Is money needed for medical bills, home renovations or other daily living expenses? The federal government-insured Home Equity Conversion Mortgage (HECM) program may be of assistance if the homeowner is age 62 or over and has little or no mortgage remaining on the home. This reverse mortgage program allows the elderly to borrow against the equity of their home, with no need to repay the loan until the homeowner dies or moves out. Maximum loan amounts are limited by the value of the home and the borrower 's age. Options for receiving the money include fixed monthly payments, a line of credit, or a combination thereof. Borrowers can live in their homes even after they have used all their equity. Counseling is required before homeowners can apply for a HECM loan. For Baltimore County residents who are interested in additional information or an application, call Certified Housing Counselor Jon Brown at 410-339-6457 (east county) or Ms. Baptiste at 410-887-0631(west county). Recently a scam was exposed in which people were illegally being charged exorbitant amounts of money for referrals to the HECM program. Although there are fees such as closing costs and mortgage insurance to obtain a reverse mortgage, there are no fees for referrals to this program. The Baltimore County Department of Aging has published a booklet "How to Avoid Scams & Frauds" as a consumer reference guide for seniors. If you have not received this booklet, please call the Senior Information and Assistance office at 410-887-2594 to obtain a free copy. Revised November 9, 2005 | 
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