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Home Equity Conversion Mortgages for Lenders (HECMs)

On March 27, 2015, FHA posted Mortgagee Letter 15-09, which establishes a monthly growth rate for Life Expectancy Set-Aside (LESA) as well as clarifies a discrepancy between the HECM Financial Assessment and Property Charge Guide (Guide) and the model HECM Financial Assessment Worksheet (Worksheet) that was transmitted with ML 2014-22. These requirements are effective for all HECM case numbers assigned on or after April 27, 2015.  The ML also states the previously referenced model HECM Worksheet has been revised and replaces the version in Appendix 1 of the Guide. 

On February 12, 2015 FHA INFO 15-14 announced a delay in the effective date for HECM Financial Assessment Requirements and other HECM program information.  Please read Mortgage Letter 2015-06 for the new effective date for the HECM Financial Assessment.

On January 29, 2015, FHA published Mortgagee Letter 2015-03 Mortgagee Optional Election Assignment for Home Equity Conversion Mortgages (HECMs) with FHA Case Numbers assigned prior to August 4, 2014. The Principal Limit Factor Tables below have been updated to include factors for Non-Borrowing Spouses under the age of 62 in order to accommodate HECM mortgagees in performing the calculations for the PLF Test to determine eligibility.

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