A HECM stands for Home Equity Conversion Mortgage, and is federally insured by the Federal Housing Administration (FHA). It enables homeowners age 62 or older, to access a portion of their homes equity, TAX FREE (Please consult a tax professional).
Reverse Mortgage Information Seniors Jon Berger- Reverse Mortgage Specialist is a Garnet Valley PA based company, helping seniors convert the equity in their homes into cash. Providing objective and honest reverse mortgage information.
In reviews focused on the servicing of Home Equity conversion mortgage (hecm) loans, the CFPB found that some successors – heirs of a deceased borrower – did not receive a complete list of all the.
Through its Home Equity Conversion Mortgage (HECM) program, FHA has guaranteed more than 1 million reverse mortgages since 1992. (Loans that receive an FHA guarantee through that program are called.
Reverse Mortgage Eligibility Requirements If you meet the eligibility criteria, you can complete a reverse mortgage application by contacting a FHA-approved lender. You can search online for a FHA-approved lender or you can ask the HECM counselor to provide you with a listing.
even before the Department of Housing and Urban Development created the Home Equity Conversion Mortgage (HECM) program in the late 1980s. But while these financial products aren’t necessarily new,
The Home Equity Conversion Mortgage (HECM) is an ingeniously constructed financial instrument that can meet a wide variety of needs of homeowners 62 or older. In addition to its versatility, HECMs are also extremely flexible, permitting changes in the ways in which seniors receive funds as their needs change over the years.
First thing first, 98% of all reverse mortgages today are the Federally Insured Home Equity Conversion Mortgage or HECM. This is HUD and FHA’s new name for their reverse mortgage. Basically, they upgraded or enhanced the "old" reverse mortgage.
Home Equity Conversion Mortgages for Home Buyers Age 62 and Older. If you are age 62 or older and are ready to downsize, upsize, move closer to family, move to a low-maintenance community, or finally buy your "dream house," consider a Home Equity Conversion Mortgage (HECM) for Purchase (H4P).
July 17, 2009 – FBI issues hecm loan SCAM WARNING The FBI has issued a scam warning for those interested in Home Equity Conversion Loans (or HECM loans for short). With increased interest in HECM loans, both conventional loans and FHA guaranteed loans, fraud activity has also increased.
A retirement expert with previous experience in the Home Equity Conversion Mortgage (HECM) program at the U.S. Department of Housing and Urban Development (HUD) has also joined the new Academy,
allegedly conspired to fraudulently obtain Home Equity Conversion Mortgage (HECM) – also known as reverse mortgage – proceeds by submitting inflated and fraudulent documentation to various victim.