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Directory of NYC Housing Programs

Homeownership and Opportunity for People Everywhere Programs (HOPE)

The Home Equity Conversion Mortgages for Seniors (HECM) is the Federal Housing Administration’s (FHA) reverse mortgage program that enables to withdraw a portion of one’s’ home equity and is the only reverse mortgage insured by the U.S. Federal Government. Reverse mortgages are geared for seniors who have equity in their homes and want to supplement their income. It is only available through an FHA-approved lender. Available for homeowners aged 62 or older and who have paid off their mortgage or paid down a considerable amount, and who are currently living in the home.

Program Information Help Icon

  • Alternative Name(s): Revitalization of Severely Distressed Public Housing, Urban Revitalization Demonstration
  • Supply/Demand: Supply
  • Category: Land and Financing
  • Scale: Small Scale (between 1 and 999 units)
  • Timeframe: 1990 - 2010
  • Occupancy tenure: Homeownership
  • Construction Type: Rehabilitation
  • Building Type: One- to Four-family
  • Developers/Owners: Non-profit, Government
  • Income Restrictions: Low-income
  • Special Populations: Public Housing Residents

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