Home Equity Conversion Mortgages
There are many factors to consider before deciding whether a HECM is right for you. I’m here to help you through this process. Let’s meet and discuss program eligibility requirements, financial implications and more to see if this type of loan product is right for you.
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- Be 62 years of age or older
- Occupy the property as your principal residence
- Be current with payments, and not own any federal debt
- Have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and Homeowner Association fees, etc.
- Participate in an educational seminar about HECM mortgages
- The property must be a single family home or 2-4 unit home with at least one unit occupied by the borrower
- HUD-approved condominium
- FHA approved manufactured home
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