FHA/HECM Home Equity Conversion Mortgage - FIXED RATE, Closed-End
HECM PROGRAM SUMMARY
Maximum FHA Loan Limit
$625,500
Eligible Property Types
Owner-occupied single family homes,
1-4 unit homes that you own and occupy, townhouses, some manufactured homes are eligible. FHA-approved Condominiums.
Special Features
FHA insured program.
Interest Rate
Fixed for the life of the loan.
Interest Rate Lock
Available 2 days prior to closing.
Payment Options
Lump sum distribution is required.
Non-Recourse
Yes - Lender can never require more repayment than the current market value of the home when it sells.
Mortgage Insurance Premium
Required by and paid to HUD to insure the mortgage against losses. HUD also guarantees the borrower their funds will be available if the lender or servicer is not able to make payments.
Counseling
Approved HUD/FHA counseling required.
Loan Processing
Processed by originating company.
Underwriting
Sreamlined process.
Monthly Servicing Fee
Added to loan balance; Sevicing by Generation Mortgage Company.
Not all products and options are available in all states. Terms subject to change without notice.
