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Housing Counseling FAQ

Why did HUD make the changes to the HECM program released on August 29, 2017?

Date Published: September 2017

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The changes help reduce the risk associated with foreclosure and could increase the amount of equity that Home Equity Conversion Mortgage (HECM) borrowers will retain in their homes as they age in place or pass it on to heirs. The changes are needed to ensure the financial stability and long-term sustainability of the HECM program. 

Tags: Housing Counseling Program HECM Counseling Requirements

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