Posted on: 15th Aug, 2009 07:41 am
What is Home Equity Conversion Mortgage Program (HECM) and how is it different from other reverse mortgage programs?
Hi,
The Home Equity Conversion Mortgage Program (HECM) is insured by HUD. This is the only reverse mortgage program that the HUD insures. The program has its own set of eligibility requirements which a borrower needs to fulfill. HECM also requires the borrower to meet a counselor before applying for the loan. No other reverse mortgage program has this sort of requirement.
The Home Equity Conversion Mortgage Program (HECM) is insured by HUD. This is the only reverse mortgage program that the HUD insures. The program has its own set of eligibility requirements which a borrower needs to fulfill. HECM also requires the borrower to meet a counselor before applying for the loan. No other reverse mortgage program has this sort of requirement.
Home Equity Conversion Mortgage Program is reverse mortgage laon insured by Fedaral Government.THis Fedaral Housing Administrayion is part of HUD. HUD means Department of housing and urban development.
Thse are having cheaper loan as compaired to other private reverse mortgage progarms. They can provide lumsum and tenure plans depending upon condition of requirements.
This cheaper mortgage can be offered for individual purpose as they are provided by state or government programs.
One can qualify this HECM Loans as the reverse mortgage loan.
Thse are having cheaper loan as compaired to other private reverse mortgage progarms. They can provide lumsum and tenure plans depending upon condition of requirements.
This cheaper mortgage can be offered for individual purpose as they are provided by state or government programs.
One can qualify this HECM Loans as the reverse mortgage loan.