Property Charge Set-Aside (applicable to HECMs only)

Property Charge Set-Aside (applicable to HECMs only)

A Property Charge Set-Aside refers to a portion of a Borrower’s Principal Limit that is designated for payment of Property Charges. A Property Charge Set-Aside can result from a Borrower being required to establish a Life Expectancy Set-Aside (LESA) or when a Borrower elects to have the Mortgagee pay Property Charges on their behalf.