RMF logo Home Equity Conversion Mortgage (HECM) for Purchase program

Home Equity Conversion Mortgage (HECM) for Purchase program

Julie Didyoung Home Equity Conversion Specialist in Pennsylvania Julie Didyoung

Julie Didyoung

NMLS# 485913
HECM For Purchase Specialist
Reverse Mortgage Funding LLC
717-951-0058 | Jdidyoung@reversefunding.com
Branch Address: 433 Patriots Way | Lititz, PA 17543
Branch NMLS: 1190164

PA Home Equity Conversion Mortgage HECM Counseling WHAT IS HECM COUNSELING?


Because Home Equity Conversion Mortgage (HECM) loans are insured by the federal government and the program is age specific, the Federal Housing Administration (FHA) requires applicants to complete a counseling session with an independent third-party counselor.

This assures that potential borrowers understand the HECM loan program. The average time needed to complete the session is 40 to 60 minutes. Remember, these counselors are not affiliated with lenders; their job is to represent YOUR best interests. All borrowers (and any non-borrowing spouse) must complete a counseling session.

Lenders must provide a list of at least 10 to 12 agencies that provide HECM counseling sessions. The choice of which agency to use is made by you, not the lender.

As the borrower, you must pay the counseling fee, which averages $125. Agencies sometimes have federal grant money to cover the cost of sessions. Make sure to find out the cost before scheduling a session.

Because HECMs are different from traditional loans that require monthly loan payments, your counselor will explain HECM’s unique features. You also will learn about:

  • Interest rate options
  • End of loan issues
  • And more.

The counselor will ask you a series of questions and will also answer any questions you might have, in order to be sure that you understand the HECM program. You will receive a Counseling Certificate verifying your participation.

HECM lenders cannot begin processing loan applications until they receive your signed, dated, original Counseling Certificate. Counseling Certificates are valid for six months. For counseling about using a HECM for purchasing a home, the certificate must show the address of the new home being purchased.

*Borrower is responsible for property taxes, homeowners insurance, and property maintenance. A HECM is home-secured debt payable upon default or a maturity event.

This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.

RMF is a Licensed Mortgage Banker in the State of New York, but this loan originator and site are not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.

Licensed by the New Jersey Department of Banking & Insurance; Not intended for Hawaii and New York consumers.

Intended for Maryland, New Jersey, Delaware, Pennsylvania, and Virginia consumers only.

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