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A HECM loan, or Home Equity Conversion Mortgage, is the FHA-insured version of a reverse mortgage designed for homeowners age 62 and older. It allows seniors to access a portion of their home equity without making monthly mortgage payments, while the loan balance increases over time and is repaid when the homeowner sells the property, moves out permanently, or passes away. Borrowers are still responsible for property taxes, homeowners insurance, and maintaining the home, and the loan is non-recourse, meaning neither the borrower nor their heirs will ever owe more than the home is worth.
A HECM refinance is a type of reverse mortgage refinance that allows current HECM borrowers to replace their existing HECM with a new one, usually to access more equity, take advantage of updated home values, or benefit from improved program terms. It works similarly to a standard HECM, but instead of starting fresh, it restructures the current reverse mortgage. Borrowers must still meet FHA guidelines, complete counseling, and continue to pay property taxes, homeowners insurance, and maintain the home. The new HECM pays off the old one, and any additional available proceeds can be taken as a lump sum, line of credit, or monthly payments, depending on the borrower’s needs.
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