what is a hecm mortgage

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A HECM is a reverse mortgage through the Federal Housing Authority (FHA) that converts your home’s equity into cash or a line of credit with no monthly payments. We explain how a HECM works, the pros and cons and when it might make sense for your finances.

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The counselor also must explain the possible alternatives to a HECM – like government and non-profit programs, or a single-purpose or proprietary reverse mortgage. The counselor also should be able to help you compare the costs of different types of reverse mortgages and tell you how different payment options, fees, and other costs affect the.

HECM Reverse Mortgage Decision Process HECM Frequently Asked Questions What is HECM’s Background/Why Was the HECM for purchase program created? The HECM for Purchase program was created in 2009, allowing homeowners to combine the purchase of a new home (principal residence) with a reverse mortgage in one transaction.

Those benefits are guaranteed by the Federal Housing Administration through its Home Equity Conversion Mortgage program, which includes the vast majority of reverse mortgages out there. In order to receive that guarantee, borrowers pay for it through the reverse mortgage insurance premiums.

If the house securing a HECM reverse mortgage is worth more than the FHA maximum, the borrower is in effect posting excess collateral, reducing the risk of loss to FHA but without reducing the.

HECM borrowers pay a mortgage insurance premium to cover such losses. Factors Affecting the Loan Amount: On a standard mortgage, the amount that a home purchaser can borrow depends on the value of the property, and on the borrower’s income and available assets.

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For the right person, the HECM reverse mortgage is an outstanding product. But it’s not for everyone. It’s a special home loan designed to help homeowners trade some of their home equity for cash. For many people, mortgages like home equity loans, home equity lines of credit, and cash-out refinancing are better choices.

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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. It is organized around the 21 questions that I receive most often from seniors.