A Guide To FHA's Home Equity Conversion Mortgage (HECM)

A home equity conversion mortgage (HECM) loan has been introduced by the Federal Housing Administration (FHA) for the purpose of providing housing solutions to senior citizens. This is a federally insured reverse mortgage loan program in which borrowers can use their home equity towards obtaining a mortgage loan.

Benefits of home equity conversion mortgage loan:

This loan program is unique is several aspects. The borrower is not required to make any repayments on the loan as long as the home is his primary residence. Under this program, FHA does not indicate any sorts of income ceiling. The eligibility criteria for this loan program are also quite convenient. The applicant must be 62 years old and should be the prime owner of the property. Apart from that, he should be residing in the home and must have a very low mortgage balance. Also, the borrower is expected to have complete understanding about the loan program. For this purpose, attending a consultation and counseling session from a HECM counselor is mandatory for the applicant before applying for the loan.

Another unique feature of home equity conversion mortgage loan program for seniors is its convenient repayment terms. The borrower has the flexibility to opt for different modes of loan payment. Also, a borrower can either receive the amount in the form of monthly equated installments or even opt for a line of credit mode of payment.

However, there are certain factors based on which the eligible loan amount is calculated. These include the age of the applicant, the equity built up over the home, FHA limits in the region of residence and the existing interest rates.

Check Out More Articles:

Las Vegas Real Estate Buyer Agent, Money Saving Home Buying Tip , How To Get The Best Deal When Buying A Home

Cellular Accessory
Baldness Remedy
Cingular Phone Deals
Safari Browser
Updos Homecoming Hairstyles
Male Pattern Baldness Toronto
Baldness Studies
Coffee Baldness
Baldness Black Male Non Pattern
Hair Loss Products Baldness Howtostophairloss
Where Does Baldness Come From2c Genetically
Baldness Inheritance
Vitamins Or Nutritionals Or Health Products Hair Growth
Study Abroad In England
Hair Loss Prevention
Baldness Saw Palmetto
Female Patern Baldness
Care Hair
Saw Palmetto Baldness
Hair Removal Face
Baldness Hair Loss Male Ourhairloss Com Pattern Wig Wig
Preventing Baldness
Baldness Cause
Hair Loss Hair Loss Product Hair Loss Product Baldness
Hair Loss Prevention Product
Income Business Opportunity
Vitamins To Help Stimulate Hair Growth
Genetics Of Baldness
Symtoms Of Baldness
Stem Cell Research For Baldness
Crown Baldness
Baldness Option
Ringtones
Suffering In Africa
Sprint Pcs
Baldness Pictures
Baldness Hair Loss Product Hair Loss Product Hair Loss
Stanford University Medical Center Head Lice
Hair Loss Remedy Male Pattern Baldness Ourhairloss
Baldness Current Drug Treatment
Carrier Of The Baldness Gene

Saw Palmetto Extract Baldness
Picture Of Male Pattern Baldness
Ebay
Baldness Chance Getting Male Pattern
Herb Remedies For Baldness
Retail Stores For Baldness Products
Stimulate Hair Growth Vitamins
Baldness Research And Information
Baldness At A Young Age
Heredity Baldness
Guys Hairstyles
Baldness Hair Loss Baldness Howtostophairloss
Baldness Scalp Tension
Baldness Baldness Baldness Howtostophairloss Com
Baldness Joke
Sitemap
Genetics Baldness Women
What Is Baldness
Telogen Effluvium And Male Pattern Baldness
Patch Of Baldness
What Causes Hair Loss Or Baldness
Chicago Baldness Treatment
Haircare
Baldness Shampoo
Baldness Mouse
Male Pattern Baldness Information
Back To Basic Hair Care
Baldness Female Uk
Vitamin For Hair Loss
The Best Hair Styles For Male Pattern Baldness
Oahu Vacation
Whats Up With Male Pattern Balding