Reverse Annuity Mortgage Program (RAM) – CHFA Program

Download PDF

Managed By Connecticut Housing Finance Authority (CHFA)

What is CHFA’s RAM Program
The following program is summarized from CHFA’s

CHFA’s RAM program is a home equity conversion program which provides monthly cash payments to eligible homeowners ages 70+ who have unreimbursed health care expenses because of a chronic illness or condition. (Homeowners ages 62 through 70 can be referred to other programs.) Maximum periods to collect payments are 5 or 10 years; maximum loan amounts vary, depending on the value of the home. Loans can be up to 70% of the appraised value of the home and can be taken as monthly payments or a combination of lump sum payment and monthly payments. Married couples must both meet age, occupancy, and income requirements. Only one spouse needs to meet the health care need requirement.

Who is Eligible?

Loans are charged an interest rate of 1.5%  above the CHFA Homebuyer Mortgage Program rate and are re-paid upon the death of the borrower or when permanent occupancy ceases.

How to Apply?
CHFA sends applicants to the Department of Aging and Disability Services’ State Unit on Aging, 866-218-6631, for prescreening.

To Find Providers In Connecticut’s Community Resources Database:
Search by program name: Reverse Annuity Mortgage


SOURCES: 2-1-1 Database; Department of Aging and Disability Services; Connecticut Housing Finance Authority website