Home Equity Conversion Mortgage – HECM: A type of Federal Housing Administration (FHA) insured reverse mortgage. Home Equity Conversion Mortgages allow seniors to convert the equity in their home.
August 23, 2010. FHA Requirements for Home Equity Conversion Mortgages. By Bruce Reichstein. Home Equity Conversion Mortgages, or HECM for short, are designed to help qualified borrowers take out an FHA guaranteed loan against the equity built up in their property.
A Home Equity Conversion Mortgage (HECM) refers to a reverse mortgage loan for homeowners 62 years of age or older that is insured by the Federal Housing Adminstration (FHA). 1 Since 1990 there have been more than 1 million hecm reverse mortgages issued. 2 The HECM loan program contains special requirements like HUD counseling and a property value ceiling.
Over the life of the loan, you will be charged an annual MIP that equals 0.5% of the outstanding mortgage balance. Mortgage Insurance Premium You will incur a cost for FHA mortgage insurance. The mortgage insurance guarantees that you will receive expected loan advances. You can finance the mortgage insurance premium (MIP) as part of your loan.
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Many didn’t save enough during their working years because they planned to sell their homes and live off the equity. FHA, and at closing, you will have to pay an initial FHA mortgage insurance.
An FHA reverse mortgage is designed for homeowners age 62 and older. It allows the borrower to convert equity in the home into income or a line of credit. The FHA reverse mortgage loan is also known as a Home Equity Conversion Mortgage (HECM), and is paid back when the homeowner no longer occupies the property.
Recently the FHA and HUD issued a press release announcing changes to the FHA Home Equity Conversion Mortgage (HECM) program. While the entire list of changes is far too extensive to cover in a single post, we want to list the most important ones over a series of posts. According to the FHA/HUD press release, the recent changes are, "part of the Department’s continuing effort to reform.
First thing first, 98% of all reverse mortgages today are the Federally Insured Home Equity Conversion Mortgage or HECM. This is HUD and FHA’s new name for their reverse mortgage. Basically, they upgraded or enhanced the "old" reverse mortgage.
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