hecm to hecm refinance

hecm to hecm refinance

By using a HECM refinance, Don and Shirley will be able to pay off their existing mortgage of $95,000, and still receive $109,962 in proceeds from the HECM loan. They can choose to receive their loan proceeds as a line of credit, monthly payments, or a combination of these options.

Eliminating HECM-to-HECM refinancing The elimination of HECM-to-HECM refinancing, if pursued and implemented, would be an interesting development for the reverse mortgage industry, but it largely depends on the manner with which it would be implemented, says John Lunde, president of Reverse Market Insight (RMI).

FHA Refinance Loans and HECM Reverse Mortgages. There are two types of FHA loans borrowers should know about when considering their refinance loan options.

In short, just because a HECM-to-HECM refinance can take place, doesn’t mean it always should take place. Situations such as adding a non-borrowing spouse, a rise in home value or, in this case, a higher principal limit based on age, may be prime conditions for a homeowner to consider a refinance.

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A HECM to HECM Refinance is perfect for people with a Reverse Mortgage that live in an area with a strong Real Estate Market. If you have a Reverse Mortgage and you live in an area with a strong Real Estate market a HECM to HECM refinance is something you should definitely look at.

Aspects of the proposed plan include seeking more efficiencies for the HECM program – which include the elimination of HECM-to-HECM refinancing, and the creation of geographically-based loan limit values similar in nature to those in the forward market – while also ending federal conservatorship of both the Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal National Mortgage Association ("Fannie Mae").

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Loan originators are bound by ethical standards when they do HECM-to-HECM refinances, as formulated by the National Reverse mortgage lenders association (NRMLA). These rules ensure the soundness of the HECM refinance, that it will "provide a bona fide advantage" to the senior homeowners. They are also set in place to prevent anti-churning or loan flipping.

If you pass away, your heirs can pay the loan by selling the home or by refinancing the HECM. Your Responsibilities While you don’t have to make monthly mortgage payments, you’re still responsible for property taxes and homeowner’s insurance.

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