How the Program Works
There are many factors to consider before deciding whether a HECM is right for you. To aid in this process, you must meet with a HECM counselor to discuss program eligibility requirements, financial implications and alternatives to obtaining a HECM and repaying the loan. Counselors will also discuss scenarios under which the mortgage would become due and payable. Upon completion of HECM counseling, you should be able to make an independent, informed decision of whether this product will meet your specific needs.
The following borrower, property, and financial eligibility requirements must be met:
The following eligible property types must meet all FHA property standards and flood requirements:
If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA's Home Equity Conversion Mortgage (HECM) program. The HECM is Federal Housing Administration's (FHA) reverse mortgage program that enables you to withdraw a portion of your home's equity.
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.
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How to Start the Process?
First, you will need to download and sign the Reverse Mortgage Counseling Agreement and submit it to Lavelle Dorriety at firstname.lastname@example.org. Next, complete and submit the following Intake Form. Then, submit your payment for Reverse Mortgage Counseling using the following secured online payment system through PayPal by clicking on the Checkout button. Once all of the above items are completed, staff will contact you to schedule an appointment with the HECM counselor.
For assistance, contact:
Are you interested in a Reverse Mortgage?
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