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Anybody have experience with the new HECM mortgages?
Posted on 2/20/24 at 11:55 am
Posted on 2/20/24 at 11:55 am
We received an offer on our house and most of it is an HECM the buyer wants to place in selling their existing house in a reverse mortgage.
This is a new in 2024 program for 62+ year olds that I had not heard of before.
From the HUD website: The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through a Federal Housing Administration (FHA)-approved lender. The HECM is the FHA's reverse mortgage program that enables you to withdraw a portion of your home's equity to use for home maintenance, repairs, or general living expenses....
We would counter with the ability to still market the house and accept other offers while their process goes through.
Any other things to be aware of as the seller?
This is a new in 2024 program for 62+ year olds that I had not heard of before.
From the HUD website: The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through a Federal Housing Administration (FHA)-approved lender. The HECM is the FHA's reverse mortgage program that enables you to withdraw a portion of your home's equity to use for home maintenance, repairs, or general living expenses....
We would counter with the ability to still market the house and accept other offers while their process goes through.
Any other things to be aware of as the seller?
2
Posted on 2/20/24 at 4:14 pm to DarthGadget
The HECM has been around since 1989
Nothing to worry about but im sure its contigent upon the sale of their home
Nothing to worry about but im sure its contigent upon the sale of their home
Posted on 2/20/24 at 10:13 pm to DarthGadget
quote:
Anybody have experience with the new HECM mortgages?
HECMs are not new and can be used to purchase a home. The buyers will have to to approved for the HECM. it's no different than getting approved for a conditional loan.
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