The Home Equity Conversion Deed of Trust is essential for reverse mortgage transactions in the United States, particularly for FHA-insured Home Equity Conversion Mortgages (HECMs). This document is used when senior homeowners (62 or older) want to access their home equity without monthly payments, while ensuring the lender has proper security interest in the property. It contains specific provisions required by HUD/FHA, including borrower obligations, property maintenance requirements, and default conditions. The document serves as security for the reverse mortgage loan until the borrower's death, sale of the property, or permanent relocation.
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1. Parties: Identifies the borrower, lender, and trustee involved in the deed of trust
2. Background: States the purpose of the deed of trust and basic loan information, including reference to HUD/FHA requirements
3. Definitions: Defines key terms used throughout the document including HECM-specific terminology
4. Property Description: Legal description of the secured property and its permitted uses
5. Security Interest: Grants security interest in property to trustee and specifies the nature of the HECM security arrangement
6. Borrower Covenants: Lists borrower's obligations including property maintenance, taxes, and specific HECM requirements
7. Default Provisions: Defines events of default and remedies specific to HECM mortgages
8. Governing Law: Specifies applicable federal and state laws governing the deed of trust
1. Insurance Requirements: Additional insurance requirements beyond standard coverage, when lender requires specific insurance types
2. Condominium Provisions: Special provisions applicable when the property is a condominium unit
3. Second Home Provisions: Special provisions when the property is not the primary residence
4. Power of Attorney: Provisions regarding use of power of attorney in HECM transactions
1. Schedule A - Legal Description: Detailed legal description of the mortgaged property
2. Schedule B - Payment Terms: Details of payment terms, conditions, and HECM-specific payment provisions
3. Schedule C - Required Insurance: List of required insurance coverage including FHA mortgage insurance
4. HUD/FHA Required Riders: Mandatory HUD/FHA riders for HECM mortgages including repair rider, second home rider if applicable
5. State-Specific Riders: Additional riders required by state law for reverse mortgages
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