What are the requirements for a Federal Housing Administration Home Equity Conversion Mortgage (HECM)?
To be eligible for an FHA HECM you must: • Be 62 years of age or older. • Own the property outright or have a small mortgage balance. Usually you will either pay off the balance yourself or it will be paid off by an advance from the reverse mortgage at closing. • Not be delinquent on any federal debt. • Participate in a consumer information session given by an approved counselor. Please visit their website at http://www.hud.gov for additional information.
Related Questions
- What type of set-up is required to access the Federal Housing Administration (FHA) TOTAL Mortgage Scorecard?
- What are the requirements for a Federal Housing Administration Home Equity Conversion Mortgage (HECM)?
- What is a Reverse Mortgage or Home Equity Conversion Mortgage (HECM), and how does it work?
