Home Equity Conversion Mortgage (HECM)   Mortgage Products Fixed 7-Year Balloon 10-Year 15-Year 20-Year 30-Year 40-Year Biweekly Community Home Buyer's Program™ Community Living® Community Renovation™ Community Seconds® Energy Efficient Expanded Approval® Fannie 3/2® Fannie 97® Flexible 97® & 100™ HomeStyle® Construction-to-Perm HomeStyle Renovation InterestFirst™ MyCommunityMortgage™ Native American Housing Loans Pledged-Asset Rural Housing Loans Simultaneous Second ARM 1/1 3/1 5/1 7/1 10/1 Community Renovation Community Seconds Energy Efficient Expanded Approval Flexible 97 & 100 HomeStyle Construction-to-Perm HomeStyle Renovation InterestFirst MyCommunityMortgage Native American Housing Loans Pledged-Asset Simultaneous Second Uniform Hybrid 5/1 Reverse Home Equity Conversion Mortgage (HECM) Home Keeper and Home Keeper for Home Purchase Mortgage Refinancing   HUD's Home Equity Conversion Mortgage lets homeowners aged 62 or over, with little or no remaining balance on their mortgage, convert their home's equity into cash. The equity can be paid to the homeowner as a lump sum, a stream of payments, a series of draws from a line of credit, or a combination of monthly payments and a line of credit. Whatever payment plan you select, you do not have to repay any part of this reverse mortgage until you sell the home or vacate it for another reason (unless you violate the loan's terms and conditions). At that time, you pay the loan balance, plus any accrued interest. Any proceeds above that amount go to you or to your estate. Developed by the Federal Housing Administration (FHA), the HECM mortgage provides a cash growth feature not found with some other reverse mortgages.   The Home Equity Conversion Mortgage (HECM) is available from HUD-approved lenders and is insured under the FHA insurance program. Fannie Mae supports the HECM loan program and provides funding for its reverse mortgages. Consumer Benefits Strengthen seniors' financial independence by providing funds without a monthly repayment burden   Related Products Home Keeper

 

2006 Conforming Loan Limits

Number of Units	Maximum original principal balance	Alaska, Guam, Hawaii, and U.S. Virgin Islands only
1	$417,000	$625,500
2	$533,850	$800,775
3	$645,300	$967,950
4	$801,950	$1,202,925

 

 

Correcting Your Credit

Credit Advice

Prepare Your Credit Before Buying A Home Turn Your ARM into a Fixed Rate Victim Of Identity Theft Buying Vs. Renting What If My Application Gets Rejected?

Equal Credit Opportunity Act What Is A Mortgage Fixed Rate Mortgage Adjustable Rate Mortgages Down Payment

Mortgage Programs

Home Equity Loans

How Interest Only Mortgages Work Balloon Payments   Other Fees And Closing Costs High LTV Loans Bad Credit Mortgage

The Good And Bad Aspects Refinancing Home Equity Loans Interest Only Mortgages Necessary Paperwork Pre-Qualification Vs. Pre-Approval

Types of Loans

Miscellaneous

Adjustable Vs. Fixed Mortgages Should you get an interest only mortgage? First Time Buyer Programs Private Mortgage Insurance - PMI Home Mortgage Refinancing

Mortgage Scams Canceling Your Mortgage Independent Mortgage Advice Things To Consider Mortgage Closing Costs

Mortgage Glossary4