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Housing Counseling FAQ
Q

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

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A

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.


Tags: Housing Counseling Program HECM Counseling Requirements

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FAQ ID:

3301