Homeowners who meet the eligibility criteria can complete a reverse mortgage application by contacting a FHA-approved lending institution such as a bank, mortgage company, or savings and loan association. If you need assistance locating a FHA-approved lender, you can request a listing of FHA-approved lenders from the HECM counselor or use HUD’s searchable listing.
Borrower Requirements:
Own your property – Occupy your property as primary residence – Participation in a consumer information session given by an approved HECM counselor
Age of the youngest borrower – Current interest rate – Lesser of appraised value or the FHA insurance limit
No income or credit qualifications are required of the borrower – No repayment as long as the property is the primary residence – Closing costs may be financed in the mortgage
Single family home or 1-4 unit home with one unit occupied by the borrower – HUD-approved condominiums – Manufactured homes and leased land – Meet FHA property standards and flood requirements
How the Home Equity Conversion Mortgage Program Works: Homeowners 62 and older who have paid off their mortgages or have only small mortgage balances remaining, and are currently living in the home are eligible to participate in HUD’s reverse mortgage program. The program allows homeowners to borrow against the equity in their homes. Homeowners can select from five payment plans:
- Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
- Term - equal monthly payments for a fixed period of months selected.
- Line of Credit - unscheduled payments or in installments, at times and in amount of borrower's choosing until the line of credit is exhausted.
- Modified Tenure - combination of line of credit with monthly payments for as long as the borrower remains in the home.
- Modified Term - combination of line of credit with monthly payments for a fixed period of months selected by the borrower.
There are also no limits on the value of homes qualifying for a HUD reverse mortgage. The value of the home will be determined by an appraisal. However, the amount that may be borrowed is derived from the lower of the appraisal amount or FHA mortgage limit for the area, which varies from $200,160 to $362,790. For Alaska, Guam, Hawaii and the Virgin Islands, the FHA mortgage limits may be adjusted up to 150 percent of the ceiling depending on the area. The FHA limits usually increase each year. As a result, owners of higher-priced homes can’t borrow any more than owners of homes valued at the FHA limit. HUD’s reverse mortgage program collects funds from insurance premiums charged to the homeowners. Homeowners are charged an upfront insurance premium, which is 2 percent of the maximum claim amount that may be borrowed, plus a .5 percent annual premium
Homeowners whose circumstances change can restructure their payment options for a nominal fee of $20. Unlike ordinary home equity loans, a HUD reverse mortgage does not require repayment as long as the home is the borrower’s principal residence. Lenders recover their principal, plus interest, when the home is sold. The remaining value of the home goes to the homeowner or to his or her survivors. You can never owe more than your home’s value. If the sales proceeds are insufficient to pay the amount owed, HUD will pay the lender the amount of the shortfall. HUD’s Federal Housing Administration (FHA) collects an insurance premium from all borrowers to provide this coverage.
- More than 1 rebuttal– Best believe that the telemarketer is allowed to use one rebuttal to a potential prospect’s comment (For example: not interested) the telemarketer is then allowed to use 1 rebuttal, if the prospect agrees and phone call is then completed with an understanding that the agent will call them back, it is specified as a good lead. If the prospect continues to state in that very call “they are not interested” then it will be credited.
- Similar transfer in any 30 days time span– If the same lead is delivered within 30 days we are bound to give you the credit for that lead.
- Over age 80– We will credit for any lead over age 80 (if someone else in house is interested and under age 80 we will not credit).
- Wrong Number– Wrong numbers will be credited. Generally this is a elementary typing mistake and can be corrected immediately.
- No voice recording– We will credit for leads that are delivered without a voice recording.
- Deceased– Any lead where the prospect has deceased.
All Live Transfers Credit requests will be entertained within 72 hours of the calls transferred that too on transfer request worksheet along with order number, lead details and valid reason for credit. Guidelines are subject to revision at any time.
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