Stay informed and ahead of the curve with our latest insights, carefully crafted to provide you with valuable knowledge and actionable information.
What is a “HECM DEBT CONSOLIDATION?”
HECM Debt Consolidation (HDC) uses a reverse mortgage to leverage housing wealth to pay off existing mortgages, liens against the property, installment debt, and revolving consumer debt.
Why is a HECM superior to a HELOC?
With a HELOC, you get what you pay for,. The typical retiree would be better served by a HECM reverse mortgage which offers a secure and growing line of credit (LOC).
What is a HECM “Cash for Keys” Incentive?
HUD recently updated their Cash for Keys program, upping the ante so to speak. The revised guidelines are significant improvements and represent much-needed changes to the HECM reverse mortgage.
Top-10 Reverse Mortgage Consumer Protections
The federally insured reverse mortgage product known as a Home Equity Conversion Mortgage (HECM) has multiple layers of protection for older Americans. Let's look at the top 10.
What are HECM CREDIT REQUIREMENTS?
As part of HECM Financial Assessment, every lender must now examine an applicant’s credit history and property charge history. This helps to determine whether the loan is a sustainable solution.
What are HECM INCOME REQUIREMENTS?
In 2015, HUD began requiring every lender to examine the financial capacity of each borrower and the sustainability of each HECM loan. This is done by looking at their residual income.
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