Home program offices chief human capital officer hudclips handbooks housing handbooks home equity conversion mortgages 4235. Your mortgage servicer or a hud approved housing counseling agency can help at no cost to you. Ncoas use your home to stay at home is the official federally approved consumer booklet for older homeowners considering tapping their home equity using a reverse mortgage. The sooner you call your servicer or a housing counselor, the more options you will have. A detailed discussion with a counselor will give you important information to help you decide. This booklet provides you with practical guidance on what. Part 3 of this booklet discusses reverse mortgages other than hecms. A hud1 form, also called a hud settlement statement, is an itemized list of all charges to be paid by the borrower in order to close a reverse mortgage or a refinance transaction. Find articles on credit, personal loans and debt relief from aarp. Value of the home, as determined by a hudapproved appraiser, up to a nationwide. Federal government is called a home equity conversion mortgage hecm, and is only available through an fhaapproved lender. Except for reverse mortgage counseling, all counseling will involve the creation of an action plan. Reverse mortgage booklet national council on aging. Development hud approved reverse mortgage counselor today.
This handbook provides updated instructions to approved mortgagees and to hud field office personnel regarding the processing and servicing of. The link below takes you to the fhaapproved lender search for all fha lenders. Reverse mortgages, a discussion guide consumer financial. Loan proceeds in a home equity conversion mortgage hecm or.
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