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Posts Tagged 'hecm'

What is a HECM Loan? (Home Equity Conversion Mortgage)

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In the world of mortgages, one term is a must-remember for senior homeowners: Home Equity Conversion Mortgage, also known as a HECM, or “heck-um.” A breakdown of HECM loans and how they work reveals just how helpful they can be for qualified senior homeowners who are 62 years of age or older. Here are some common questions and answers for...
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Benefits of Refinancing Your HELOC into a HECM!

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Reverse Mortgages Can Be Solution to Major HELOC Resets There will soon be big changes for many Home Equity Line of Credit (HELOC) borrowers that could amount to huge increases in payments. But there’s a solution that may also be available for those who qualify: a reverse mortgage line of credit. In the next few years, many homeowners who have...
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What is the Government’s Role in Reverse Mortgages?

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An estimated 99% of of reverse mortgages offered today are insured by the Federal Housing Administration (FHA), according to the agency. While the government does insure these reverse mortgage products, it does not offer the loans directly to consumers. Since they are insured by the federal government, the vast majority of reverse mortgages come with additional benefits that you won’t...
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Green Light on Reverse Mortgages in Government Shutdown

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FHA Info #18-02 Highlights Available Services As a result of the federal government shutdown due to a lapse in appropriations, until further notice the Federal Housing Administration’s Office of Single Family Housing and its mortgage insurance program will be operating with limited services. FHA just released the following information as FHA Info #18-02: As was the case in previous shutdowns, under a...
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Reverse Mortgage Final Rule Takes Effect September 19, 2017

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Reverse Mortgage Final Rule The purpose of this bulletin is to announce upcoming changes to HECM program due to the HUD Final Rule. This bulletin summarizes the key changes affecting the origination of HECM loans. Additional guidance on how to implement and apply the below changes is forthcoming. Implementation The changes will take effect on all loans with a...
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Avoid Payment Shock—Turn your HELOC into a HECM

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Billions of dollars worth of home equity lines of credit (HELOCs) are about to amortize this year, and if you’re one of those borrowers who has one and you’re aged 62 or older, don’t panic—you might be able to use a reverse mortgage to pay off your loan. According to a recent report from Moody’s Investor Services, around $30...
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OFFICIAL: HUD Releases 2013 Reverse Mortgage Changes

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Changes to the HECM Program  This issue of Weekly Report is devoted to explaining the various reforms to the HECM program announced by the Department of Housing and Urban Development on September 3 in Mortgagee Letter 2013-27. Following is a detailed summary of the various changes: Initial Draw (effective date September 30, 2013) According to HUD’s analysis of the HECM...
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What is a HECM: Home Equity Conversion Mortgage

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We have all seen the commercials with Fred Thompson or Henry Winkler (a.k.a. “The Fonz”) touting reverse mortgages as a financial product that can help you remain in your home and improve your cash flow in retirement. However, you may not be too familiar with how reverse mortgages actually work, who they can benefit, and the different kinds of options...
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Reverse Mortgage vs HELOC: Side-by-Side Comparison

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I would like to know how a "line of credit" would work compared to a HELOC.  I owe a 2nd on my home for approx. 9,000.00.  The first will be paid off in Dec. 2012.  My home NOW is worth approximately $210,000.00.  The 2nd is with Chase Home Equity. I would like to ONLY borrow enough at times on the...
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HECM Standard vs HECM Saver Reverse Mortgages

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Seniors looking to obtain a reverse mortgage have a few different products available to help them withdraw equity from their home. The Federal Housing Administration (FHA) offers the Home Equity Conversion Mortgage (HECM) Standard and the HECM Saver. Both products require borrowers to be at least 62 years old to qualify and provide consumers access to their home equity in...
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