Can borrowers or other parties request more time to market and sell a property securing a HECM?

Yes, Mortgagors or other parties holding legal title (“owners”) to the property may request additional time from the Mortgagee to market and sell a property securing a Home Equity Conversion Mortgage (HECM) or to satisfy a HECM.  Any extension of time granted is at the sole discretion of HUD.
 
For more information see Mortgagee Letter 15-15 available at https://www.hud.gov/program_offices/administration/hudclips/letters/mortgagee
 
Any questions may be directed to HUD’s National Servicing Center at (877) 622-8525. Persons with hearing or speech impairments may reach this number by calling the Federal Information Relay Service at (800) 877-8339.

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-04806