When must semi-annual payments be made under a HECM partially funded Life Expectancy Set-Aside?

The first semi-annual payment must be made six months after the closing date and continue to be made every six months thereafter until the set-aside is exhausted.

For additional information see Mortgagee Letter 2014-21 available at https://www.hud.gov/program_offices/administration/hudclips/letters/mortgagee

ML 14-21; HQ Policy

All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.

Topic Number: KA-01163