Welcome, visitor! [ Login

Post an Ad

 

Home Equity Conversion Mortgages (HECM)

  • Listed: February 18, 2019 8:12 am
  • Expires: 999047 days, 9 hours

Description

Program Description

The Home Equity Conversion Mortgage (HECM) is Federal Housing Administration’s (FHA) reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

Program Requirements

You must:

  • Be 62 years of age or older
  • Own the property outright or have a small mortgage balance
  • Occupy the property as your principal residence
  • Not be delinquent on any federal debt
  • Participate in a consumer information session given by an approved HECM counselor

The following eligible property types must meet all FHA property standards and flood requirements:

  • Single family home or 1-4 unit home with one unit occupied by the borrower
  • U.S. Department of Housing and Urban Development (HUD) approved condominium
  • Manufactured home that meets FHA requirements

Application Process

To obtain a HUD Home Equity Conversion Mortgage, contact a HUD-approved HECM lender.

Contact Information

To contact a HUD Housing Counseling agency, go to:
https://entp.hud.gov/idapp/html/hecm_agency_look.cfm

To contact the Federal Housing Administration (FHA), please use one of the following methods:

Visit us at:
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing…

Write us at:
U.S. Department of Housing and Urban Development
Federal Housing Administration
451 Seventh St., SW
Washington, D.C. 20410

Call us at:
1-800-CALL-FHA (1-800-225-5342) or via Federal Information Relay Service (w/TTY): 1-800-877-8339

Email us at:
answers@hud.gov

 

121 total views, 1 today

  

Listing ID: 1755c6a68e3e387c

Report problem

Processing your request, Please wait....

Sponsored Links




A guide for US Government Federal and State Benefits published by benefits.gov

This is a third party app and we are not affiliated with benefits.gov or US Government.. If you are looking for an app that consolidates all the benefit listings by Federal and US states, this is a good app to start with. Listings can also be found on the benefits.gov website.