14.183: Home Equity Conversion Mortgages
Alternate Name: Reverse Mortgage Insurance
Overview
Program Number
14.183
Status
Active
Last Modified
Aug. 11, 2022
Date Posted
Aug. 11, 2022
Objective
To enable elderly homeowners to convert equity in their homes to monthly streams of income or lines of credit.
Type of Assistance
F - Guaranteed/Insured Loans
Applicant Eligibility
Eligible borrowers are persons 62 years of age or older and eligible non-borrowing spouses who are identified at the time of closing. Eligible borrowers and eligible non-borrowing spouses must complete HECM counseling from a HUD-approved agency prior to obtaining the loan. Eligible properties include single family one-to-four unit owner-occupied dwelling units, units within condominium projects and Planned Unit Developments,and manufactured homes, if they meet FHA standards.
Beneficiary Eligibility
Individuals.
Additional Information
Grant Awards
Home Equity Conversion Mortgages direct grants
Grant Opportunities