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The FHA reverse-mortgage product, known as the Home Equity Conversion Mortgage (HECM), will continue to have a maximum claim amount of $625,500, with actual loan limits based on property value, borrower age, and current interest rates.
The guidance issued to lenders reminds participants in the FHA's Home Equity Conversion Mortgage (HECM) program to make certain that senior borrowers are fully informed of their options when applying for these loans.
Reverse mortgages are offered in a variety of ways in the marketplace, but only one type is offered by the government, which is the Home Equity Conversion Mortgage or HECM.
Home equity conversion mortgages, or reverse mortgages, also declined in volume to $3.
That's the advice in the NCUA's Regulatory Alert, which reminded credit unions that home equity conversion mortgages are only available through Federal Housing Administration approved lenders.
The most popular reverse mortgage type is the Federal Housing Administration Home Equity Conversion Mortgage (HECM).
The home equity conversion mortgage, commonly referred to as a reverse mortgage, was designed as a way for older homeowners to tap the equity of their homes for needed cash while remaining in their homes.
These insured Home Equity Conversion Mortgages (HECM) constitute more than 90 percent of all reverse mortgages processed today.