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Reverse Annuity Mortgage (RAM) Program


CHFA’s RAM program is for elderly homeowners with long-term illnesses and disabilities who need help with housing and health care expenses. Under the program, you borrow against the value of your home and CHFA allocates the funds in tax-free monthly payments for up to six years.


  • Money to cover in-home or out-of-home care 
  • Tax-free direct deposits into your account
  • Borrow up to 70% of the appraised value of your home
  • A 3% yearly increase on your monthly payments
  • No out of pocket closing costs!

Eligibility Requirements

  • You must be at least 70 years old and own a single-family home or condo.
  • Your spouse must be at least 70 years old and have a joint ownership interest in the property with rights of survivorship, unless he or she is institutionalized.
  • You or your spouse must have long-term care needs.
  • Your household income must fall within the CHFA Income Limits.  The CHFA Resource Map can tell you if you are within program eligibility limits.
  • Your home must be free of any mortgage or lien at the time of closing.
  • You or your authorized representative must complete Reverse Mortgage counseling in person or by telephone, from a CHFA Participating - HUD Approved Counseling Agency and submit your certificate.

A RAM loan can be applied to:

  • In-home care
  • Out-of-home care
  • Home renovations that address homeowner’s medical needs
  • Long-term care insurance premiums
  • Uninsured recurring and catastrophic medical expenses
  • Prescription drugs
  • Daily meals
  • Lawn maintenance, landscaping, and snow removal

Lump Sums

Eligible borrowers may receive a lump sum of up to $5,000 at the time of closing to pay off small liens, back taxes, outstanding bills, medical expenses or minor home repairs and improvements. A lump sum of $25,000 is available for medical or supportive services.


Additional Considerations

  • RAM loans can be paid back at any time for any reason, but full repayment is due when the home is sold or ownership is transferred.
  • RAM loan may impact borrower’s rights under Medicaid, Supplemental Nutrition Assistance Program (SNAP), Supplemental Security Income (SSI) or the State Supplement to SSI.
  • Check with the administrator of any of the programs you may be participating in to determine your rights.
  • Your RAM loan would not affect your rights under Social Security, Medicare, Energy Assistance, or Property Tax Relief.

How To Apply?

Contact the Department of Aging and Disability Services, State Unit on Aging at (866) 218-6631 for a preliminary review. 

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