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1. • • A home equity conversion mortgage (HECM) is a federally insured reverse mortgage that allows you to receive a cash payment from your home equity every month, using your home as collateral. HECMs are backed by the U.S. Department of Housing and Urban Development (HUD). The cash you receive is typically tax-free and you can use it for any purpose.
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     Home Equity Conversion Mortgage (HECM): What To Know

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   What is a home equity conversion mortgage (HECM)?

   • The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through a Federal Housing Administration (FHA)-approved lender.

   HUD FHA Reverse Mortgage for Seniors (HECM)

   www.hud.gov/program_offices/housing/sfh/hecm/hecmhome

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   Is a HECM a reverse mortgage?

   • A HECM is a type of reverse mortgage. It’s differentiated by the fact that it’s insured by HUD and must follow regulations set by the Federal Housing Administration (FHA). Is a HECM a second mortgage? Yes, a HECM — and all types of reverse mortgages — are second mortgages.

   Home Equity Conversion Mortgage (HECM): What To Know

   www.lendingtree.com/home/reverse-mortgage/hecm/

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   What is a HECM mortgage?

   • HECM or Home Equity Conversion Mortgage is FHA’s reverse mortgage product specifically for senior homeowners. HECM is a cash flow qualification and is not Fair Isaac Corporation (FICO) score or ratio driven. Lender is responsible for disbursing loan proceeds according to the Borrower’s payment plan.

   Home Equity Conversion Mortgage HECM 101 - HUD.gov

   www.hud.gov/sites/dfiles/SFH/documents/nhm_hecm_101_06_28_21.pdf

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   Is a HECM a non-recourse loan?

   • In the United States, the FHA -insured HECM (home equity conversion mortgage) aka reverse mortgage, is a non-recourse loan. In simple terms, the borrowers are not responsible to repay any loan balance that exceeds the net-sales proceeds of their home.

   Reverse mortgage - Wikipedia

   en.wikipedia.org/wiki/Reverse_mortgage

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3. en.wikipedia.org › wiki › Reverse_mortgageReverse mortgage - Wikipedia

   en.wikipedia.org › wiki › Reverse_mortgage

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   However, borrowers do have the option of paying down their existing mortgage balance to qualify for a HECM reverse mortgage. The HECM reverse mortgage follows the standard FHA eligibility requirements for property type, meaning most 1–4 family dwellings, FHA approved condominiums, and PUDs qualify. [29]

4. www.bankrate.com › mortgages › reverse-mortgage-guideWhat Is A Reverse Mortgage? | Bankrate

   www.bankrate.com › mortgages › reverse-mortgage-guide

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   Apr 9, 2024 · The most common type of reverse mortgage is a Home Equity Conversion Mortgage (HECM), for borrowers ages 62 and older. Some reverse mortgage lenders offer other options for borrowers...

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5. www.investopedia.com › how-reverse-mortgages-workHow Reverse Mortgages Work - Investopedia

   www.investopedia.com › how-reverse-mortgages-work

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   May 6, 2024 · The most popular type of reverse mortgage is known as a home equity conversion mortgage (HECM). The U.S. Department of Housing and Urban Development (HUD) regulates reverse mortgages...

6. www.rocketmortgage.com › learn › reverse-mortgageWhat Is A Reverse Mortgage? | Rocket Mortgage

   www.rocketmortgage.com › learn › reverse-mortgage

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   Apr 24, 2024 · Home Equity Conversion Mortgage (HECM) The most common reverse mortgage is the home equity conversion mortgage (HECM). This type of reverse mortgage is insured by the Federal Housing Administration (FHA). The most you can borrow with one of these loans in 2023 is $1,089,300.

   • If you take out a HECM, the most popular type of reverse mortgage, you won't have to pay back more than what your home is worth when you pay off th...
   • You can get out of a reverse mortgage, though doing so can take time and money. You can always sell your home, using the proceeds to pay off your r...
   • Once you sell your home, you’ll use the proceeds from the sale to pay off your reverse mortgage. If you sell your home for its appraised value, but...
   • The amount you can borrow with a reverse mortgage depends on the age of the youngest borrower, current interest rates and the amount of equity you...
   • You can always refinance a reverse mortgage to get a lower interest rate or move to a different type of mortgage loan. You’ll have to pay closing c...

7. Videos

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     investopedia.com

     Home Equity Conversion Mortgage (HECM): Definition, Eligibility

     Jan 27, 2010

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     3:54

     youtube.com

     Understanding a HECM / Reverse Mortgage made a little easier in less than 4 minutes

     Mar 11, 2022

     3.2K Views

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     2:06

     consumerfinance.gov

     What is a reverse mortgage? | Consumer Financial Protection Bureau

     Jun 19, 2017

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8. www.lendingtree.com › home › reverse-mortgageHome Equity Conversion Mortgage (HECM): What To Know

   www.lendingtree.com › home › reverse-mortgage

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   May 12, 2022 · A home equity conversion mortgage (HECM) is a federally insured reverse mortgage that allows you to receive a cash payment from your home equity every month, using your home as collateral. HECMs are backed by the U.S. Department of Housing and Urban Development (HUD). The cash you receive is typically tax-free and you can use it for any purpose.

9. www.hud.gov › program_offices › housingHUD FHA Reverse Mortgage for Seniors (HECM)

   www.hud.gov › program_offices › housing

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   The HECM is the FHA's reverse mortgage program that enables you to withdraw a portion of your home's equity to use for home maintenance, repairs, or general living expenses. HECM borrowers may reside in their homes indefinitely as long as property taxes and homeowner's insurance are kept current.

10. www.hud.gov › sites › dfilesHome Equity Conversion Mortgage HECM 101 - HUD.gov

    www.hud.gov › sites › dfiles

    Jun 21, 2021 · 1987 - Congress passes an FHA insurance bill called the Home Equity Conversion Mortgage (HECM) Demonstration, which is a reverse mortgage pilot program that insures reverse mortgages. Reference: https://www.aag.com/reverse-mortgage/history/ More recent history.