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How the Program Works
There are many factors to consider before deciding whether a HECM is right for you. To aid in this process, you must meet with a HECM counselor to discuss program eligibility requirements, financial implications and alternatives to obtaining a HECM and repaying the loan. Counselors will also discuss provisions for the mortgage becoming due and payable. Upon the completion of HECM counseling, you should be able to make an independent, informed decision of whether this product will meet your specific needs. You can search online for a HECM counselor who will help clarify our reverse mortgage information.

Borrowers are not required to make monthly mortgage payments provided that they live in the home as a their principal residence, continue to pay property taxes, homeowners insurance, any HOA (Home Owners Association) dues, maintaining the property and complying with all loan terms. Failure to comply with all loan terms, the loan may go into default and the property can be subject to foreclosure.

The loan becomes due and payable when the last borrower or eligible spouse leaves permanently the home or fail to meet the loan terms.

Borrower Requirements
•Be 62 years of age or older *
•Own the property outright or paid-down a considerable amount
•Occupy the property as your principal residence
•Not be delinquent on any federal debt
•Have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and Homeowner Association fees, etc.
•Participate in a consumer information session given by a HUD- approved HECM counselor.

* The reverse mortgage (HECM) loan is available to borrowers with an eligible non-borrowing spouse under the age of 62.

To be eligible, spouse must be married and living in the home at the time the loan closes and still living in the home as his/her primary residence at the time borrowing spouse passes.
When the eligible spouse passes away, allows eligible non-borrowing spouse to stay in the home without foreclosure as long as the surviving spouse continues to pay property taxes, homeowner’s insurance and HOA fees, home maintenance and complies with the loan terms.


Property Requirements
The following eligible property types must meet all FHA property standards and flood requirements:
•Single family home or 2-4 unit home with one unit occupied by the borrower
•HUD-approved condominium project
•Manufactured home that meets FHA requirements

Payments

For adjustable interest rate mortgages, you can receive payments with one of these options:
•Modified Term – combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.
•Modified Tenure – combination of line of credit and scheduled monthly payments for as long as you remain in the home.
•Line of Credit – unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.
•Term – equal monthly payments for a fixed period of months selected.
•Tenure – equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.

For fixed interest rate mortgages, you will receive the Single Disbursement Lump Sum payment plan.

Financial Requirements
-Timely payment of real estate taxes, hazard and flood insurance premiums will be verified
•Income, assets, monthly living expenses, and credit history will be verified.

Mortgage Amount Based upon

•Age of the youngest borrower or eligible non-borrowing spouse; and
•Current interest rate; and
•Lesser of appraised value or the HECM FHA mortgage limit of $726,525 or the sales price