Home Equity Conversion Mortgages
Department Of Housing And Urban Development, Asst Secretary For Housing--federal Housing Commissioner
To enable elderly homeowners to convert equity in their homes to monthly streams of income or lines of credit.
Jargon-free version
Helps homeowners get insurance for reverse mortgages through approved lenders. This allows them to access their home equity without monthly payments.
Quick Facts
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What Is This Program?
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📋What Are the Application Steps & Timeline?
- 📝Steps to Apply
- Visit the HUD website for Home Equity Conversion Mortgages (HECM) information.
- Contact a HUD-approved housing counselor for guidance.
- Complete the application process with the lender of your choice.
- 🌐Application Portal
- https://www.hud.gov/program_offices/housing/sfh/hecm/hecmhome
- 📤Submission Method
- online
- 🔄Intake Type
- continuous
📄What Documents Are Required?
- ✅Required Documents
- SF-424 (Application for Federal Assistance)
- SF-424A (Budget Information - Non-Construction)
- SF-424B (Assurances)
- Project Narrative
- Budget Narrative
- 📐Format Requirements
- PDF only, max 10MB
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💰What Expenses Are Eligible?
- 🧾Eligible Expenses
- Home improvements
- Repairs to the home
- Property taxes
- Homeowner's insurance
- Mortgage insurance
- 🚫Ineligible Expenses
- Personal expenses
- Non-housing related expenses
- 💳Payment Model
- reimbursement
- ⏪Retroactive Expenses Eligible
- Yes
🤝Is Matching Funding Required?
📊What Are the Reporting Requirements?
- 🗓️Reporting Frequency
- annual
- 📑Reporting Requirements
- performance progress report
- 🔍Audit Requirements
- OMB Uniform Guidance Single Audit if the recipient expends $750,000 or more in federal awards.
- 📢Branding Requirements
- Acknowledgment of federal funding is required.
- 🗄️Record Retention Period
- 3 years post-final-report
How Do I Apply?
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FAQFrequently Asked Questions
Visit the program page for detailed eligibility requirements.
Contact the program administrator for funding details.
This program accepts applications on a rolling basis.
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