A home equity conversion mortgage (HECM) is a type of Federal Housing Administration (FHA) insured reverse mortgage.
How much money you get out of your home depends on whether you get a private market reverse mortgage or a federally-insured HECM. If you want a HECM, the maximum amount you can obtain is constrained by the median home price in the area where you live, but the absolute maximum amount yo...
Xxxxxx Xxx HECM Repurchase Trigger means the lesser of (a) 98% of the Maximum Claim Amount or (b) such lesser percentage of the Maximum Claim Amount prescribed by Xxxxxx Xxx.“GLB Act” shall have the meaning set forth in Section 12(y) of the Agreement.“Governmental Authority” shall ...
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