The National Reverse Mortgage Lenders Association created, "What You Need to Know About Your HECM After Closing" to answer questions reverse mortgage loan borrowers, and their heirs, may have about their FHA-insured Home Equity Conversion Mortgage, commonly referred to as a reverse mortgage loan. This free guide explains the important role of the Loan Servicer and the rules, guidelines, and timelines that apply to the loan.
The index to this free downloadable guide can be helpful in directing you to a specific answer but we encourage you, your family, your heirs, your financial advisor, your real estate agent, or anyone else that might assist you with your affairs to read through the guide. Keep it handy but remember your best source of information is always your Servicer.
The Following Information is Covered in the Guide:
- How do I know who my Servicer is?
- Staying in touch
- Receiving payments from your HECM
- Property Charges
- Property Taxes
- Property Insurance
- Homeowners Dues (HOA dues), Ground Rents, Other Property Assessments
- Lifetime Expectancy Set Aside (LESA) / Tax & Insurance Set Aside
- Title to My Property
- Repair Set-Asides
- Events of Default
- Default Process
- Property Taxes and Property Insurance
- All other defaults (Property Charges, Title Transfer, and Repairs)
- Non-Borrowing Spouse (NBS)
- HECM: A Non-Recourse Loan
- Other Resources
You can download the guide for free here.