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HECM |
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An HECM (see box below) must be a first mortgage, which means any existing mortgage debt must be paid off first, possibly with some of the reverse mortgage funds. With 7,155 Home Equity Conversion Mortgages or HECMs closed and an additional 7,286 loans in the pipeline waiting to close; NRMLA projects a likely total volume of roughly 10,000 loans for FY 2001 compared with 6,650 HECM closed in FY 2000. Flex-Margin Advantage provides brokers with the ability to structure rates and loan terms on monthly HECM reverse mortgage loans in order to better fit the needs of their customers. |
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