HUD recently published a HECM for Purchase Training presentation for HECM counselors on its website. The powerpoint includes slides that covers the monetary investment requirement, allowable funding sources, role of the real estate agent, and other topics regarding the HECM for purchase.
Along with the powerpoint, HUD posted a recorded conference call it conducted for HECM counselors to answer questions regarding the program. Hopefully, this means we are close to receiving the Mortgagee Letter that will provide clarification about the HECM for purchase which becomes active January 1st, 2009.
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