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Basic Eligibility Requirements
Are borrowers allowed to choose the type of interest rate and payment option in a HECM transaction?
Are HOA, PUD, condo fee, and other assessments included in a Fully-Funded Life Expectancy Set-Aside for a Home Equity Conversion Mortgage (HECM)?
As a senior citizen how can I convert the equity in my home into income?
Can a borrower using the HECM purchase program have more than one FHA-insured loan?
Can a delinquent Federal non-tax debt be paid off at closing using HECM proceeds?
Can I get a HECM loan if my property is held in a life estate?
Can I purchase a home with a HECM loan?
Can Unused Repair Set-Aside Funds for a Fixed Rate HECM be made available to the borrower?
Do collection accounts have to be paid off to be eligible for a HECM?
Do the changes to Non-Borrowing Spouse requirements described in ML 14-07 affect HECM documents?
Do time frames referenced in Section 2.15 of the HECM Financial Assessment and Property Charge Guide apply to other credit items such as collections?
Does ML 17-12 change how the HECM principal limit is determined?
Does the first 12-month disbursement limit apply to HECM for purchase transactions?
Does the selection of the 30-day Average Secured Overnight Financing Rate (SOFR) index mean periodic adjustments to the mortgage interest rate will occur monthly?
For a fixed rate HECM, if principal limit increased due to repayment can funds be made available?
How are subordinate liens handled on an FHA reverse mortgage?
How do extenuating circumstances and compensating factors differ in a Home Equity Conversion Mortgage (HECM) transaction?
How do the Non-Borrowing Spouse changes affect the HECM Principal Limit?
How does a bankruptcy affect a borrower's eligibility for an FHA reverse mortgage?
How does a Mortgagee obtain the additional information required for a Home Equity Conversion Mortgage (HECM) financial assessment?
How does FHA define a HECM for purchase loan?
How is a Home Equity Conversion Mortgage (HECM) borrower's residual income calculated and determined to be sufficient?
How is Income from an Eligible Non-Borrowing Spouse considered in a Home Equity Conversion Mortgage (HECM) transaction?
How soon must the borrower occupy the property in a HECM purchase loan?
If the LIBOR (London Interbank Offered Rate) is retired, what impact would this have on FHA’s Home Equity Conversion Mortgages (HECM)?
Is a financial assessment required if the HECM borrower agrees to a Life Expectancy Set-Aside?
Is a HECM borrower eligible if their Non-Borrowing Spouse has a delinquent FHA-insured mortgage?
Is a HECM borrower's spouse who was not the spouse at closing eligible for the Deferral Period?
Is a newly constructed home eligible for a HECM?
Is FHA now requiring Mortgagees to round the interest rate on Adjustable rate HECMs to the nearest one-eighth percentage point?
Is it permissible for a HECM purchase borrower to own more than one principal residence?
Is the full amount of a Home Equity Conversion Mortgage (HECM) Fully-Funded Life Expectancy Set-Aside included in Mandatory Obligations?
Is the full amount of a Home Equity Conversion Mortgage (HECM) Partially-Funded Set-Aside included in Mandatory Obligations?
May a delinquent FHA loan be paid off at closing using Home Equity Conversion Mortgage (HECM) proceeds?
May a Mortgagee pay the borrower’s closing costs through premium pricing in a Home Equity Conversion Mortgage (HECM) transaction?
May a non-FHA approved mortgage broker be paid a fee on a HECM loan?
May collection accounts be paid off at closing using HECM proceeds?
May gap financing or a bridge loan be used for a HECM purchase loan?
Mortgagee Letter 2021-08 states that LIBOR-based HECMs are eligible for FHA insurance if closed on or before May 3, 2021. Does that mean GNMA will allow these HECMs to be securitized?
Must Home Equity Conversion Mortgage (HECM) borrowers actually dissipate their assets in order to include the income in residual income?
Must Home Equity Conversion Mortgage (HECM) Borrowers authorize lenders to verify information required for the financial assessment?
Must Mortgagees complete a Financial Assessment for all Home Equity Conversion Mortgage (HECM) borrowers?
Must Mortgagees document that boarders are permitted under local ordinance for a HECM borrower?
What are the bankruptcy requirements for a Borrower applying for a traditional or refinance HECM?
What are the basic guidelines for refinancing an FHA Home Equity Conversion Mortgage (HECM)?
What are the eligibility requirements for a Home Equity Conversion Mortgage (HECM) borrower with a foreclosure?
What are the HECM disbursement limits after loan closing?
What are the HECM Voluntary Property Charge Funding Options?
What are the lead based paint requirements on an FHA reverse mortgage?
What are the underwriting guidelines for a Home Equity Conversion Mortgage (HECM) mortgage?
What Fully-Funded Life Expectancy Set-Aside information must lenders provide to HECM borrowers?
What is a Life Expectancy Set-Aside in a Home Equity Conversion Mortgage (HECM) transaction?
What is considered a Property Charge in a Home Equity Conversion Mortgage (HECM) transaction?
What is considered an extenuating circumstance for a Home Equity Conversion Mortgage (HECM) borrower with credit/financial issues?
What is considered satisfactory credit for a Home Equity Conversion Mortgage (HECM) borrower?
What is effective income in a HECM transaction and must it be reported on a borrower's tax returns?
What is the cash investment requirement for a HECM purchase loan?
What is the FHA definition of a "Non-Borrowing Spouse" in a HECM transaction?
What is the FHA definition of an Eligible and Ineligible Non-Borrowing Spouse in a Home Equity Conversion Mortgage (HECM) transaction with an FHA Case Number assigned on or after August 4, 2014?
What is the HECM program single disbursement lump sum payment option?
What is the maximum origination fee that may be charged on an FHA Reverse Mortgage?
What is the purpose of the cash flow/residual income analysis for Home Equity Conversion Mortgage (HECM) borrowers?
What Partially-Funded Life Expectancy Set-Aside information must lenders provide to HECM borrowers?
What property types are not eligible for a HECM purchase loan?
What were the HECM policy changes announced in Mortgagee Letter 14-11 and when were they effective?
When a lender meets with a potential HECM borrower, what information must be discussed or provided?
When is the maximum claim amount for HECM loans determined?
When must the Life Expectancy Set-Aside be Fully- or Partially-Funded in a Home Equity Conversion Mortgage (HECM) transaction?
Where can I find a model HECM financial assessment worksheet?
Who is responsible for payment of property charges under a Life Expectancy Set-Aside in a Home Equity Conversion Mortgage (HECM) transaction?
Who may be excluded from family size when determining if residual income is sufficient for a Home Equity Conversion Mortgage (HECM)?
Will the amount of property charges paid from a HECM Fully-Funded Life Expectancy Set-Aside be fixed?
