Home Equity Conversion Mortgage (HECM) is the official name for a Reverse Mortgage.
You will not have to make monthly payments on your loan. Instead, the lender can pay you.
Typically, the Reverse Mortgage is repaid from your home's equity when you sell the home, move out permanently, or die.
You or your estate can keep any sales proceeds from your home in excess of what you owe the lender.
This program is authorized by the Housing and Community Development Act of 1987, Section 417, Public law 100-242 (12 U.S.C. 1715z-20). Program regulations are in 24 CFR 206. This program is administered by the Office of Single Family Program Development in HUD's Office of Housing-Federal Housing Administration.
seniorcitizenloans.com/pdf/consumer_covered.pdf
Reverse Mortgage Module Contains
| Common Questions about Reverse Mortgages |
| Advantages of Reverse Mortgages |
| Things to Know about Reverse Mortgages |
| Home Improvements for Seniors |
| Underwriting Guidelines for Reverse Mortgages |
| Reverse Mortgage Glossary |
Questions?
H.E.L.P.
is a Free 'n' Easy call away.
1-800MyMoney
(1-800-696-6639)
Home Equity Lending Professionals