Home Equity Conversion Mortgages Grants

What is the aim of the Home Equity Conversion Mortgages Grants?

To enable elderly homeowners to convert equity in their homes to monthly streams of income or lines of credit.

Who is Eligible to Apply for the Home Equity Conversion Mortgages Grants?

Eligible borrowers are persons 62 years of age or older and must complete counseling from a HUD-approved agency prior to obtaining the loan. Eligible properties include single family one-to-four unit owner-occupied dwelling units, units within FHA-approved condominium projects and Planned Unit Developments,and manufactured homes, if they meet FHA standards.

How to Apply for the Home Equity Conversion Mortgages Grants?

The borrower is required to receive counseling from a HUD-approved counseling agency prior to application. Approved Direct Endorsement Lenders process all aspects of the loan application and submit it to HUD for insurance endorsement.

Where to Apply for the Home Equity Conversion Mortgages Grants?

Persons are encouraged to contact the Homeownership Center serving their State(see http://www.hud.gov/offices/hsg/sfh/hoc/hsghocs.cfm) or the nearest HUD Office. See Catalog Address Appendix IV for a list of Offices.

For more info on the Home Equity Conversion Mortgages Grants, contact:

Headquarters Office
Wanda L. Sampedro, 451 7th Street, SW, Washington, District of Columbia 20410
Phone: (800) 225-5342
Email: info@fhaoutreach.com
Web Site Address: http://www.hud.gov/offices/hsg/sfh/hecm/hecmabou.cfm

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