|
gptkbp:instanceOf
|
gptkb:financial_services_company
reverse mortgage
|
|
gptkbp:administeredBy
|
gptkb:Federal_Housing_Administration
|
|
gptkbp:alternativeTo
|
proprietary reverse mortgage
|
|
gptkbp:borrowerObligation
|
maintain property
pay homeowners insurance
pay property taxes
|
|
gptkbp:counselingRequirement
|
mandatory HUD-approved counseling
|
|
gptkbp:disbursementOptions
|
line of credit
monthly payments
lump sum
|
|
gptkbp:eligibility
|
single-family homes
HUD-approved condominiums
some manufactured homes
|
|
gptkbp:fullName
|
gptkb:Home_Equity_Conversion_Mortgage
|
|
https://www.w3.org/2000/01/rdf-schema#label
|
FHA reverse mortgage (HECM)
|
|
gptkbp:insurancePremium
|
upfront and annual MIP (Mortgage Insurance Premium)
|
|
gptkbp:insuredBy
|
gptkb:Federal_Housing_Administration
|
|
gptkbp:introducedIn
|
1989
|
|
gptkbp:loanBalanceGrowth
|
increases over time as interest accrues
|
|
gptkbp:mainInterest
|
fixed
adjustable
|
|
gptkbp:maximumLoanAmount
|
subject to FHA lending limits
|
|
gptkbp:nonBorrowingSpouseProtection
|
may allow spouse to remain in home after borrower's death
|
|
gptkbp:originationFee
|
charged to borrower
|
|
gptkbp:propertyTypeRequirement
|
primary residence
|
|
gptkbp:purpose
|
convert home equity into cash
|
|
gptkbp:regulates
|
gptkb:U.S._Department_of_Housing_and_Urban_Development
|
|
gptkbp:repaymentRequirement
|
loan is repaid when borrower dies, sells home, or moves out
|
|
gptkbp:targetAudience
|
homeowners age 62 and older
|
|
gptkbp:targetUser
|
non-recourse loan
|
|
gptkbp:website
|
https://www.hud.gov/program_offices/housing/sfh/hecm/hecmhome
|
|
gptkbp:bfsParent
|
gptkb:Federal_Housing_Administration_(FHA)
|
|
gptkbp:bfsLayer
|
6
|