Sentences with phrase «called home equity conversion mortgages»
Since 1989, the U.S. Department of Housing and Urban Development has worked with private lenders to administer what are officially called home equity conversion mortgages, commonly called reverse mortgages.
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What remains to be seen is whether or not reverse mortgage loans, also called home equity conversion mortgages or HECM loans, can continue to serve their intended purpose.
FHA reverse mortgages, also called home equity conversion mortgages (HECM), provide homeowners 62 and over with a method for paying off existing mortgages and drawing on remaining home equity.
What the government calls home equity conversion mortgages — HECMs — have been a trouble spot for the FHA because of high claim levels.
A reverse mortgage, also called a home equity conversion mortgage (HECM), lets seniors who are at least 62 years old access the home equity from their primary residence in the form of a lump sum, a line of credit, a stream of monthly payments or some combination of these.
Not exact matches
Through a home equity conversion mortgage — otherwise called a reverse mortgage — homeowners age 62 or older could obtain a loan that would convert the equity in their home into cash.
Addressing concerns about increasing default rates for reverse mortgage loans, FHA has issued new guidelines for servicing reverse mortgages, which HUD calls home equity conversion (HECM) loans.
Third, you have to wonder why the FHA continues to insure reverse mortgages, what HUD calls home equity conversion loans (HECMs).
Reverse Mortgage Also called «equity conversion mortgage,» these loans permit senior citizens to convert the equity in their homes toMortgage Also called «equity conversion mortgage,» these loans permit senior citizens to convert the equity in their homes tomortgage,» these loans permit senior citizens to convert the equity in their homes to income.
A home equity conversion mortgage (HECM)-- commonly called a reverse mortgage — allows owners to convert this accumulated home equity into cash.
Most reverse mortgages are insured by the Federal Housing Administration, which calls the loan a home equity conversion mortgage, or HECM (pronounced HECK'm).