Home Equity Conversion Deed Of Trust for the United States

Home Equity Conversion Deed Of Trust Template for United States

A Home Equity Conversion Deed of Trust is a legal document used in the United States that secures a reverse mortgage loan against a borrower's property. It establishes the lender's security interest in the property while complying with FHA/HUD requirements for federally-insured reverse mortgages. The document outlines the borrower's obligations, default conditions, and the lender's remedies, while incorporating specific protections for elderly homeowners as required by federal law.

Your data doesn't train Genie's AI

You keep IP ownership of your information

Generate a Bespoke Document

1. Select your governing law:

2. Enter your key requirements:

3. Create your document to edit, review or download

Download a Standard Template

Get our United States-compliant Home Equity Conversion Deed Of Trust

4.6 / 5

4.8 / 5

Alternatively: Run an advanced review of an existing
Home Equity Conversion Deed Of Trust

Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.

Upload your Doc

What is a Home Equity Conversion Deed Of Trust?

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.

What sections should be included in a Home Equity Conversion Deed Of Trust?

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

What sections are optional to include in a Home Equity Conversion 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

What schedules should be included in a Home Equity Conversion Deed Of Trust?

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Banking
Real Estate
Insurance
Senior Services

Relevant Teams

Legal
Mortgage Operations
Compliance
Risk Management
Senior Banking Services

Relevant Roles

Mortgage Loan Officer
Real Estate Attorney
Reverse Mortgage Specialist
Title Officer
Compliance Officer

Industries

National Housing Act, Section 255: Primary federal legislation governing Home Equity Conversion Mortgages (HECMs), establishing the framework for FHA-insured reverse mortgages

Truth in Lending Act (TILA): Federal law requiring lenders to disclose key terms and costs in lending transactions, including specific provisions for reverse mortgages

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes, requiring specific disclosures and prohibiting kickbacks in real estate transactions

Home Ownership and Equity Protection Act (HOEPA): Federal law providing additional disclosure requirements and protections for high-cost mortgage transactions

Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in lending based on race, color, religion, national origin, sex, marital status, age, or public assistance status

Fair Housing Act: Federal law prohibiting discrimination in housing-related transactions, including mortgage lending

24 CFR Part 206: HUD regulations specifically governing Home Equity Conversion Mortgage Insurance requirements and procedures

HUD Handbook 4235.1: Comprehensive HUD guidelines for HECM program implementation and administration

State Property Laws: State-specific legislation governing real property rights, transfers, and encumbrances

State Mortgage and Foreclosure Laws: State-specific requirements for mortgage creation, enforcement, and foreclosure procedures

State Recording Requirements: State-specific rules for recording and indexing mortgage documents in public records

State Homestead Laws: State-specific protections for homeowners regarding property rights and creditor claims

Consumer Protection Statutes: Both federal and state laws designed to protect consumers in financial transactions, including specific reverse mortgage provisions

Reverse Mortgage Counseling Requirements: Mandatory counseling requirements for potential HECM borrowers to ensure understanding of the product

Age and Capacity Requirements: Regulations regarding minimum age (62+), mental capacity, and competency for reverse mortgage borrowers

Find the exact document you need

No matches found.

Package Deed Of Trust

A U.S. legal instrument that creates a three-party security interest in real property, combining standard provisions into a comprehensive package.

How Cambridge United Uses Genie AI to Speed Up Player Signings and Slash Legal Costs

Generate a Bespoke Document

Download a Standard Template

What is a Home Equity Conversion Deed Of Trust?

What sections should be included in a Home Equity Conversion Deed Of Trust?

What sections are optional to include in a Home Equity Conversion Deed Of Trust?

What schedules should be included in a Home Equity Conversion Deed Of Trust?

Authors

Alex Denne

Jurisdiction

Publisher

Document Type

Sector

Cost

Find the exact document you need

Package Deed Of Trust

Deed Of Trust Refinance

Deed Of Trust Notary

Trustee's Deed Foreclosure

Trust Deed Of Amendment

Trust Deed Mortgage

Tenancy In Common Trust Deed

Second Deed Of Trust Foreclosure

Revocable Tod Deed

Owelty Deed Of Trust

Joint Mortgage After Trust Deed

Deed To Secure Debt

Trustee Of Deed Of Trust

Deed Of Trust Divorce

Deed Of Trust After Marriage

Home Equity Conversion Deed Of Trust

Living Trust Deed Property

Unreleased Deed Of Trust

Trustee Warranty Deed

Revolving Credit Deed Of Trust

Note Secured By Deed Of Trust Straight Note

Money Trust Deed

Joint Tenancy Deed Of Trust

Home Equity Conversion Second Deed Of Trust

Existing First Trust Deed Loan

Deed Of Partial Reconveyance

Commission Approved Deed Of Trust

Absolute Trust Deed

Trust On Death Deed

Deed Of Trust Beneficiary

Second Lien Deed Of Trust

Deed Of Vesting Of Trust

Deed Of Confirmation Of Trust

Short Deed Of Trust

Reverse Mortgage Deed Of Trust

Grant Deed To A Revocable Trust

Grant Deed And Deed Of Trust

Future Advance Deed Of Trust

Warranty Deed And Deed Of Trust

Deed Of Beneficial Interest

Genie’s Security Promise

Your documents are private:

Your documents are protected:

Organizational security:

Templates

Contract Templates

Letter Templates

Policy Templates

Industries

Legal Services

Manufacturing

Construction

Solutions

Use Cases

Company Types

Comparisons

Business Categories

Teams

Information

Generate Legal Docs Free