HECM Counseling Certificate
For Reverse Mortgages, a Home Equity Conversion Mortgage (HECM) Certificate is required. This Certificate requires a professional Counseling Service instruction and then a Certificate Issued before any Reverse Mortgage may be applied for from any Lender.
Senior Citizens, age 62 and older, may qualify for a Reverse Mortgage. Even if the house is in foreclosure, it can be saved, if the Owner meets the qualifications for a Reverse Mortgage.
This mortgage is sponsor by the HUD (Housing and Urban Development), a Federal Government Agency that provides a special program for Seniors that have more that 50% equity in their homes.
One of the more important aspects of the owner’s home is the Current appraised value versus the mortgage amount owed.
One important thing to remember is that the property is always titled/owner by the current owner and remains in that Estate until final disposition of the property which can take as many 12 months after the owner is deceased.
