March 2009
|
Home
Equity Conversion Mortgage Characteristics --March 2009
(Excel) |
Previous
editions:
March
2009 (Excel)
Monthly Report for HECM cases endorsed for insurance by Fiscal
Year. This HECM report describes selected loan and borrower characteristics
by fiscal year. The report list the number of HECM cases endorsed
by fiscal year, average interest rates, average property values,
average maximum claim, average initial principal limit, the average
age of the borrower, gender of borrowers and active cases. The report
also describes the State breakdown of HECM endorsed cases and active
cases.
HECM's are the only reverse mortgage program insured by the Federal
Government. HECM loans are insured by the Federal Housing Administration
(FHA), which is part of the U.S. Department of Housing and Urban
Development (HUD).
HECM loan amounts are based on borrower age, home value and current
interest rates. Payments to the homeowner may be set up as an annuity,
or else as a line of credit. The HECM program limits the loan origination
costs, and FHA guarantees that the lender will meet their obligations
to the homeowner. HECM loans are the lowest-cost, multipurpose reverse
mortgage available and in most cases they provide the largest total
case benefits.
FHA ensures that the homeowner will receive all payments due as
long as they remain in the home. FHA also guarantees the lender
that, when the property is sold, it will receive full payment of
the loan balance, up to the maximum claim (guarantee) amount established
when the loan is originated.
Got
an FHA Reports Question?
|