What are the HECM Requirements .pdf
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What are the HECM Requirements?
Similar to a traditional mortgage that emphasizes income and down payment; senior
homeowners need to meet specific requirements to get an HECM loan. However, the
reverse mortgage has a distinct borrowing criterion from that of traditional mortgages.
To qualify for a HECM loan, the borrower must be 62 years or over owning a home or
have a significant amount of mortgage equity. Secondly, the home must be the primary
residence of the borrower. More so, the borrower should not have delinquent federal
loans such as students’ loans and meet the financial assessment requirements as set by
All borrowers are also required to participate in a counseling session approved by the
Department of Housing and Urban Development to advise them in their decision
making about taking an HECM loan. The counseling aims to let you understand your
obligations if you apply and receive the reverse mortgage loan. Please visit here for more
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