<<Back

Forward>>

Close

HECM Financial Assessment
Background

HECM Financial Assessment is used by lenders to evaluate the ability of the borrowers to meet their financial obligations in a timely manner and comply with Home Equity Conversion Mortgage (HECM) requirements. It must be completed before processing HECM Insurance Application. The following documents are sources of information for completing HECM Financial Assessment:

• Mortgagee Letters 2014-21 and 2014-22
  
  
• HECM Financial Assessment and Property Charge Guide attachment to Mortgagee Letter 2014-22, which includes the Model HECM Financial Analysis Worksheet
  
  
• Residential Loan Application for Reverse Mortgages, Fannie Mae form 1009
  
  
• HUD/VA Addendum to Uniform Residential Loan Application - form HUD-92900-A
  
  
• Home Equity Conversion Loan Agreement
  
  
• Note

FHA Connection authorization for Insurance Application (add/update level of authorization or greater) is required to use HECM Financial Assessment.

You can access HECM Financial Assessment using the following sequence of FHA Connection links from the main menu: Single Family FHA, Single Family Origination, Case Processing, and HECM Financial Assessment.

Return to top

See Also

HECM Financial Assessment - Steps for Processing

HECM Financial Assessment Page - Field Descriptions

HECM Financial Assessment Update Page - Field Descriptions

HECM Financial Assessment Results Page - Field Descriptions

Return to top