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HECM Reverse Mortgage is the ONLY reverse mortgage product insured by the U.S. Federal Government. It is called a Home Equity Conversion Mortgage or (HECM) for short and you can only apply for it through an FHA approved lender. The FHA ensures that you get all the benefits to you as long as you live and the lender will get their full payment of the loan. The HECM Reverse Mortgage is FHA’s reverse mortgage program which enables you to withdraw some of the equity in your home. You can take the funds as a lump sum or monthly payments.
What is the Borrower Requirement for HECM Reverse Mortgage?
- You must be at least 62 years or older.
- You must own the property outright or have a mortgage balance, this way when the HECM reverse mortgage loan close, you can use the proceeds to pay off the old mortgage.
- The property must be your primary residence, no exceptions
- You must not be delinquent on any property tax, not owe government anything. Basically free of any federal debt
- Very important, You must seek council with an approved HECM Reverse Mortgage counselor to apply.
What are the property requirements for HECM Reverse Mortgage Loan?
- The home must meet all Federal Government property standards and flood requirements.
- It has to be a Single family home or 1-4 unit property with one unit occupied by the borrower.
- Only HUD approved condominiums are qualify. If you want to do a HECM Reverse Mortgage Loan, you must first have your condominium approved by HUD first.
- Mobile homes can qualify; they must meet FHA requirements and had to be manufactured within the last 20 years.
How much can you borrow from HECM Reverse Mortgage Loan?
- The amount you can borrow based on the age of the borrower, the older you are, the more the bank will lend you. Because the older you are, the faster the bank can
- It’s also based on the market interest rate, the lower the rate, the more the lender will let you borrow.
- The amount is determined by the appraised value. And if you have a current mortgage, it’s the appraised value minus your mortgage.
Is there any financial requirements?
- No income or employment qualifications are required because you don’t have to make any payments
- You don’t have to make any payments as long as it’s your principal residence, but you have to pay your property tax and keep the home in good shape or else the bank can take the property
- You can choose to combine the closing costs into the HECM Reverse Mortgage Loan
Because HECM Reverse Mortgage is issued by FHA, it’s the lowest cost Reverse Mortgage Loan on the market and it can provide you with the biggest total benefit compared with others.
Contact your local HECM Reverse Mortgage Loan Council for more details.
https://entp.hud.gov/idapp/html/hecm_agency_look.cfm
On our next blog, I will be talking about how the HECM Reverse Mortgage Loan works and all the costs involved in getting a HECM Reverse Mortgage Loan.
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Bless you for making the effort to explain the terminlogy to the noobs!
This is an excellent blog about HECM Reverse Mortgage. It details what you need to do if you want to apply for a Reverse Mortgage.
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