How do the changes HUD made to the HECM program on August 29, 2017 impact borrowers in the process of getting a Home Equity Conversion Mortgage (HECM)?
Date Published: September 2017
The new policies are effective for case numbers issued on or after October 2, 2017. If you are in the process of obtaining a HECM mortgage and have already completed HECM Housing Counseling and had a case number assigned to your loan application prior to October 2, 2017, the new policies will not affect you. If you are applying for a HECM mortgage and have a case number on or after October 2, 2017, your HECM mortgage will be originated according to the new HECM policies.