Senior homeowners who are considering taking out a Home Equity Conversion Mortgage (HECM) loan must, as part of their loan process, attend a HECM Counseling Session with a Department of Housing and Urban Development (HUD)-approved counselor. The HUD has outlined the subjects that the counselor must cover and the materials that must be provided to [...]
Archive for October 2012
The HECM Loan
Homeowners of retirement age have access to a unique loan, the “Reverse Mortgage” or “Home Equity Conversion Mortgage (HECM)” which allows them to convert their home’s equity into cash. The HECM is insured by the Federal Housing Administration (FHA) and is monitored by the FHA to ensure that lenders comply with government regulations [...]
Consumer advocacy groups and organizations which promote consumer information are often excellent sources for free or low cost Reverse Mortgage counseling.
The Reverse Mortgage, also called a Home Equity Conversion Mortgage, is a federally-insured mortgage which is available to senior citizens aged 62 and older. The Reverse Mortgage loan provides an opportunity for seniors to [...]
Since 1989 retirees over the age of 62 have been eligible to access their home’s equity for an additional source of cash. The federally-insured Home Equity Conversion Mortgage (HECM), also known as the Reverse Mortgage, is a government administered loan which provides seniors with the opportunity to take out a loan based on their home’s [...]