10. What if I change my mind and no longer want the loan after I go to closing?\u00a0 How do I do this?<\/span><\/h2>\nBy law, you have three calendar days to change your mind and cancel the loan.\u00a0 This is called a three day right of rescission.\u00a0 The process of canceling the loan should be explained at loan closing.\u00a0 Be sure to ask the lender for instructions on this process.\u00a0 Mortgage lenders differ in the process of canceling a loan.\u00a0 You should ask for the names of the appropriate people, phone numbers, fax numbers, addresses, or written instructions on whatever process the company has in place.\u00a0 In most cases, the right of rescission will not be applicable to HECM for purchase transactions.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Frequently Asked Questions about HUD’s Reverse Mortgages The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program, which enables you to withdraw some of the equity in your home.\u00a0 The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement Social Security, meet unexpected medical […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"nf_dc_page":"","pmpro_default_level":"","footnotes":""},"_links":{"self":[{"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=\/wp\/v2\/pages\/1136"}],"collection":[{"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1136"}],"version-history":[{"count":1,"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=\/wp\/v2\/pages\/1136\/revisions"}],"predecessor-version":[{"id":2184,"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=\/wp\/v2\/pages\/1136\/revisions\/2184"}],"wp:attachment":[{"href":"https:\/\/www.guardianmtginc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}