HECM Mortgage

Basic HECM Mortgage Facts:

In a HECM Mortgage, 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 Mortgage is taken out, it is possible to acquire a second (or third) reverse mortgage over the increased equity in the home.

HECM Mortgage Info:

HUD Reverse Mortgage for Seniors (HECM)

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FHA HECM Mortgagee Letters - HUD

... 2000-34 Home Equity Conversion Mortgages (HECMs) in Texas (Supplement to Mortgagee Letter 00-09 dated March 8, 2000) and instructions on using HECM Mortgage ...

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Here's What a Reverse Mortgage Gives You: * Get cash from your home's equity * * No monthly payments -- ever! * * Use the cash for anything * * No income or credit requirements

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Reverse Mortgage Products from Financial Freedom - HECM, Fanny Mae Home Keeper, and Financial ... HECM Advantage™ - Home Equity Conversion Mortgage; Fannie Mae Home Keeper Reverse Mortgage ...

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Introducing HECM Advantage™-- The new reverse mortgage from Financial Freedom that makes it possible to enjoy: More net available cash Enhanced Value

BNY Mortgage Reverse Mortgages- HECM Fixed Rate Loan

Lock in a fixed rate. And extra financial security. Are you ready to lock in a fixed interest rate—and extra financial security? Then you’re ready for HECM Fixed Rate.

Further HECM Mortgage Info:

To qualify for a HECM Mortgage 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 Mortgage, and for most rHECM Mortgage, 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 Mortgage, 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.