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Reverse Mortgages

Reverse Mortgages are available to you through our partnership with the Credit Union Mortgage Association, Inc. (CUMA).

This loan option is designed to help certain homeowners who are at least age 62 convert some of their home equity into cash so that they may live more comfortably, with greater financial independence. Several important features and safeguards have been built into this product to provide you with security and peace of mind including:

No Monthly Mortgage Payments

​​A reverse mortgage does not have to be repaid until you sell or no longer live in your home*. As the homeowner, you must remain current with hazard insurance and property tax payments, and maintain the condition of the home.

No Surprise Costs

You'll receive a clear and detailed breakdown of all fees and closing costs, including the total loan costs over the projected life of the loan.

Independent Counseling

A counseling session with an independent counselor who is certified by the US Department of Housing and Urban Development (HUD) will be required to ensure that you understand all aspects of a reverse mortgage. This meeting may be done in-person or over the phone and will likely take about 60-90 minutes. Our Financial Wellness partner, GreenPath, offers reverse mortgage counseling.

Asset Protection

After the loan has been paid, any remaining equity belongs to you or your heirs. Since the reverse mortgage is insured by the FHA, you can never owe more than the value of your home at the time of sale to repay your reverse mortgage.

No Prepayment Penalty

A reverse mortgage may be paid off at any time without penalty.


Origination fees are regulated by the US Department of Housing and Urban Development (HUD) and cannot exceed certain limits. You will also be responsible for other closing costs. Origination fees and closing costs may be financed as part of the reverse mortgage to minimize out-of-pocket expenses.

FedChoice is offering this loan option as a Home Equity Conversion Mortgage (HECM) which is a type of reverse mortgage insured by FHA.

To learn more about the benefits of a reverse mortgage and how it may help you secure long-term financial independence, contact:

Kimberly Petrey, CUMA Reverse Mortgage Specialist, NMLS # 392902

Phone: 703.425.1204 x158

Email: KPetrey@CUmortgage.net

Brought to you by Credit Union Mortgage Association Inc., 10800 Main St, Fairfax, VA 22030, NMLS # 296727.

You may also call the FedChoice Real Estate Department at 301.699.6126 to speak with a Real Estate Loan Officer today to learn more about this loan option!

* If the borrower does not meet loan obligations such as taxes and insurance, and maintain the condition of the home, then the loan will need to be repaid.

This material is not from HUD or FHA and has not been approved by HUD or any government agency. Information subject to change without notice. Subject to credit and underwriting approval.

Federally Insured by NCUA

Home Mortgage Disclosure Act Notice

The HMDA data about our residential mortgage lending are available for review. The data show geographic distribution of loans and applications; ethnicity, race, sex and income of applicants and borrowers; and information about loan approvals and denials. Inquire at this office regarding the locations where HMDA data may be reviewed. To receive a copy of this information, send a written request to FedChoice Federal Credit Union, 10001 Willowdale Road, Lanham, MD 20706.