Contents
A Home Equity Conversion Mortgage (HECM) refers to a reverse mortgage loan for homeowners 62 years of age or older that is insured by the Federal Housing Adminstration (FHA). 1 Since 1990 there have been more than 1 million hecm reverse mortgages issued. 2 The hecm loan program contains special requirements like HUD counseling and a property value ceiling. The HECM property value ceiling is currently at $726,525.
Aware that sweeping regulatory changes would likely send the reverse mortgage business into a tailspin, Ditech – then named walter investment management – shut down the hecm origination channel of its.
The U.S. Department of Housing and Urban Development (HUD) endorsed its first HECM loan in 1989 and has endorsed over 525,000 loans since, with about 400,000 of those endorsements occurring between.