Home Equity Conversion Mortgage (HECM) Disclosures
All borrowers, non-borrowing spouses, guardians, conservators, and power of attorneys are required to be counseled by a third party, HUD-approved counselor. This can be done over the phone or face-to-face, in compliance with state regulations. Massachusetts and Tennessee residents are required to attend a face-to-face meeting. The signed and dated counseling certificate is required before loan processing can begin.
Borrowers who elect a fixed rate loan will receive a single disbursement lump-sum payment. Other payment options are available only for adjustable rate loans. Reverse Mortgage loans are available in all states EXCEPT Alaska, Hawaii, Texas, New York, and North Carolina. Subject to credit and underwriting approval. This material has not been reviewed, approved or issued by FHA, HUD or any government agency.