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Lender Alerts

Lender Alerts

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Update: HECM Loans with Non-Borrowing Spouse

Dear Licensed Partner,

Effective for FHA case numbers assigned on or after 08/04/2014,¬†Sun West is accepting HECM Loans with non-borrowing spouse. HECM Loans with non-borrowing spouse must comply with all FHA’s requirements as specified in the¬†Mortgagee Letter 2014-07¬†including but not limited to:¬†

  • The non-borrowing spouse can be under 62 years of age, provided that the borrower meets the HECM eligibility requirement of 62 years of age.
  • The principal limit will be based on the age of the youngest borrower and non-borrowing spouse. For example, if the borrower is 62 years old and the non-borrowing spouse is 55 years old, the principal limit will be based on the 55-year-old non-borrowing spouse.
  • The non-borrowing spouse must attend the HECM Counseling Session with the borrower and sign and date the HECM Counseling Certificate.
  • A proof of date of birth¬†of¬†the non-borrowing spouse¬†must be submitted along with the application package.
  • The borrower and the non-borrowing spouse must sign the certifications as required by the¬†Mortgagee Letter 2014-07¬†at closing.

Sun West, with its licensed partners, takes pride in providing senior citizens with the increased Ô¨āexibility needed to plan for retirement and Ô¨Ānancial security.

If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.    


Sun West Mortgage Company, Inc.
18303 Gridley Road
Cerritos, CA 90703
Phone : (800) 453-7884

Equal Housing OpportunityThis information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.

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