Home Equity Conversion Mortgage

home share conversion mortgage

Home Equity Conversion Mortgage (HECM) is a type of Federal Housing Administration (FHA) insured reverse mortgage. Reverse mortgage loans are becoming increasingly popular among senior citizens who have equity in their houses and want to complement their incomes. Reverse mortgage loans are becoming increasingly popular among senior citizens who have equity in their houses and want to complement their incomes. This is the only US federal government backed Home Equity Conversion Mortgage (HECM) and is only available through an FHA accredited creditor. When you are a 62 year old or older owner of a house and you have disbursed your mortgage or substantially contributed to it and are currently staying in the house, you can join the FHA's HECM programme.

HECM is the FHA's reversal mortgage programme that allows you to draw off part of your home's equity. Amount available for disbursement will vary and depend on borrower: Youngest borrower's old age or the beneficiary's non-borrowing partner's old-age; lower estimate or HECM FHA mortgage ceiling or selling rate.

Where there is more than one borrowers and no entitled non-lendable spouses, the youngest borrower's ages are used to calculate the lendable amount. If you are able to make a payment in real money for the amount of the sale plus the cost of closure of the home you have purchased, you can also use an existing Home Owner's Money Management System (HECM) to buy a main home.

Find out more about the FHA's HECM program: Do you have a query about an FTA directive, programme or invention? The FHA's Frequently Asked Questions website is available around the clock to help you.

Mortgage Home Equity Conversion (HECM)

Home Equity Conversion Mortgage (HECM) is the Federal Housing Administration's (FHA) reverse mortgage programme that allows you to draw a portion of your home's equity. Select how you want to draw your money, whether in a single amount, a line of credit, bulk or a combo.

If you are able to make a payment in real money for the amount of the sale plus the cost of closure of the home you have purchased, you can also use an existing Home Owner's Money Management System (HECM) to buy a main home. Following qualifying real estate categories must comply with all FHA property specifications and flooding requirements:

Below is a guide to the next step in applying for this programme. In order to get in touch with the Bundeswohnungsverwaltung (WVV), please use one of the following methods:

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