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REVERSE MORTGAGE (HECM)

To access information quickly click on one of the following:

A.  General

B.  Appraisal & Conditions

A.  General - Section 255: Home Equity Conversion Mortgages (Reverse Mortgages, a.k.a. HECM) allows a borrower aged 62 and older to borrow against the equity in a property that has limited outstanding debt.  A subject property under this program must be an existing one-to four-unit dwelling in which the mortgagor occupies one of the units.  It may be a condo or PUD if in a FHA approved project.  Manufactured homes are eligible if the home complies with outstanding FHA guidance.  

B.

Appraisal & Conditions -The appraiser must perform the appraisal with the same standards and forms expected in an FHA single-family appraisal.

The same deficiencies and repair items must be noted on the appraisal forms.  In certain instance, the borrower is not required to treat any defective paint surfaces after closing for properties built before 1978.

See HUD Handbook 4235.1, Rev-1, Section 3 for requirements of appraisal and property.

NATIVE AMERICAN LANDS

To access information quickly, click on one of the following:  

4150.2 Appendix A-2

National Office of Native American Programs

HAWAIIAN HOME LANDS

To access information quickly click on one of the following:

A.  General Eligibility

B.  Appraisals on DHHL

C.  ADP Code

A.  General Eligibility -  A mortgage on a homestead lease granted by the Department of Hawaiian Home Lands covering a one- to four-family residence located on Hawaiian home lands is eligible for insurance pursuant to section 247 of the National Housing Act (12 U.S.C. 1715z-12) if the mortgagor is a native Hawaiian who will occupy it as a principal residence.  Mortgage insurance on cooperative shares under Sec. 203.43c on homes in federally impacted areas under Sec. 203.43e is not authorized under this section.”  See

Copy Printed: REVISION  I

   02/16/0213       Revision Effective:  05-30-00

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