HECM

Basic HECM Facts:

In a HECM, the home owner makes no payments and all interest is added to the lien on the property. If the owner receives monthly payments, then the debt on the property increases each month. If a property has increased in value after a HECM is taken out, it is possible to acquire a second (or third) reverse mortgage over the increased equity in the home.

HECM Info:

HUD Reverse Mortgage for Seniors (HECM)

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FHA HECM Mortgagee Letters - HUD

Subscribe to the FHA Single Family Housing email listserv. You will get frequent updates to the HOC Reference Guide, training & event announcements ...

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HECM Resources

Home Equity Conversion Mortgages (HECMs) are federally-insured reverse mortgages. For consumer information on reverse mortgages, go to www.aarp.org/revmort . (TIP:

HECM Resources

HECM Program Materials HECM Training Resources HECM Program Materials. HUD Handbook 4235.1 REV-1 is the basic program handbook for the HECM program. However , it was published in 1994, and some of the ...

Further HECM Info:

To qualify for a HECM in the United States, the borrower must be at least 62. The borrower must pay off any existing mortgage with the proceeds from the reverse mortgage and, if needed, additional personal funds. There are no minimum income or credit requirements for most HECM, and for most rHECM, the money can be used for any purpose. Some types of dwellings, such as lower-value mobile homes, do not qualify. Before taking out a HECM, applicants must seek HUD approved counseling. The counseling is a free safeguard for the borrower and his/her family, to make sure the borrower completely understands what a Reverse Mortgage is, and what the process of obtaining one is.