FHA Single Family Housing Policy Handbook 4000.1, II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT > B. Title II Insured Housing Programs Reverse Mortgages > 1. Origination/Counseling Requirements — c. Individuals Required to Receive HECM Counseling
HUD effective date: 04/29/2024 · section II.B.1 · Handbook 4000.1
FHA Single Family Housing Policy Handbook 4000.1, Part II — c. Individuals Required to Receive HECM Counseling (04/29/2024).
Verbatim regulatory text
Verbatim provisions from FHA Single Family Housing Policy Handbook 4000.1, II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT > B. Title II Insured Housing Programs Reverse Mortgages > 1. Origination/Counseling Requirements — c. Individuals Required to Receive HECM Counseling — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
FHA Single Family Housing Policy Handbook 4000.1, Part II — c. Individuals Required to Receive HECM Counseling (04/29/2024)
c. Individuals Required to Receive HECM Counseling (04/29/2024) i. Definitions Non-Borrowing Spouse (NBS) refers to the spouse of a HECM Borrower who is also not a Borrower. Eligible Non-Borrowing Spouse (Eligible NBS) refers to an NBS who meets all Qualifying Attributes for a Deferral Period. Non-Borrowing Owner refers to someone who is: • not a Borrower; • not the spouse of a Borrower; and • on the title as an owner to the Property that will serve as collateral for the HECM. ii. Standard The Mortgagee must ensure all Borrowers, NBSs, and Non-Borrowing Owners, with legal competency, have received HECM counseling from a counselor on the HECM Roster before processing the loan application or obtaining an FHA case number. The Mortgagee must ensure HECM counseling is completed by an agent or attorney-in- fact that holds a durable Power of Attorney (POA) if they execute the RLARM or closing documents on behalf of a legally competent Borrower or Eligible NBS. For any Borrower, NBS, or Non-Borrowing Owner lacking legal competency, HECM counseling must be completed by: • the person holding a POA; or • a court-appointed conservator or guardian. For additional information on HECM Counseling for individuals with a Living Trust or Life Estate see Eligibility Requirements for Property Held in Living Trusts and Eligibility Requirements for Borrowers Holding Only Life Estates. For additional information on HECM Counseling see HUD Handbook 7610.1.
Operationalizing FHA Single Family Housing Policy Handbook 4000.1, II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT > B. Title II Insured Housing Programs Reverse Mortgages > 1. Origination/Counseling Requirements — c. Individuals Required to Receive HECM Counseling
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