What You Need to Know About Your HECM After Closing

What You Need to Know About Your HECM After Closing

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
    • Occupancy
    • 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
    • Trusts
    • Repair Set-Asides

    • Events of Default
    • Default Process

      Resolving Defaults
    • Occupancy
    • Property Taxes and Property Insurance
    • Repairs
    • Title

      Unresolved Defaults
    • Death
    • All other defaults (Property Charges, Title Transfer, and Repairs)
    • Non-Borrowing Spouse (NBS)
    • Foreclosure
    • HECM: A Non-Recourse Loan
    • Other Resources


Published by

Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.