Reverse Annuity Mortgage Program (RAM) – CHFA Program

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Managed By Connecticut Housing Finance Authority (CHFA)

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

CHFA’s RAM program is a home equity conversion program which provides monthly cash payments to eligible homeowners who have unreimbursed health care expenses because of a chronic illness or condition. Loans can be up to 70% of the appraised value of the home and can be taken as tax free monthly payments for up to six years. Eligible borrowers may receive an additional 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.

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, 860-424-5055, for prescreening. One may contact the State Unit on Aging at

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