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The time frame is running out for the Standard Fixed Rate version of the reverse mortgage program known as the Home Equity Conversion Mortgage (HECM or “Heck-um”). HUD announced that the last day that they will issue Case Numbers for this program is prior to April 1st, however borrowers must be aware that the 2 days leading up to April... Read Full Article
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Before I even start this article, I want to admit that I have never been through HUD Counselor training and I do not know what the counselors have been trained to say and what not to say. I can say that only last week, HUD came out with a reminder to all reverse mortgage lenders and originators that they were... Read Full Article
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As baby boomers begin to reach their senior years in droves, the percentage of seniors in many states is well over 10% and counting. And New Jersey is no exception. The state of New Jersey counts about 1.19 million people aged 65 and older according to the last full Census taken in 2010. That number constitutes 13.5% of the overall... Read Full Article
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As the baby boomers head toward retirement age, the United States’ population is becoming decidedly grayer, and that’s especially true in Pennsylvania. The 65+ population in Pennsylvania comprises 15.6% of the overall state population according to 2011 U.S. Census Bureau data—higher than the 13.3% belonging to this age group throughout the country. In the next couple of decades, nearly one... Read Full Article
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Like most states, Florida allows borrowers to get any of the reverse mortgage products available under programs offered by the Federal Housing Administration. Because reverse mortgages are offered only to people who are ages 62 and over, Florida—which counts more than 17% of its population in the 65-plus age group—is one of the most popular states for reverse mortgage loans.... Read Full Article
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April 1st Deadline Approaching: Apply Online Now After much anticipation, HUD has finally announced their exact time frames for the elimination of the Fixed Rate Standard Home Equity Conversion Mortgage (HECM or “Heck-um”). For all new FHA Case numbers issued on or after April 1, 2013, any borrower who still wants a fixed rate loan will be limited to only... Read Full Article
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Update: 11/08/2013 Prop 5 Passes in Texas, But Implementation May Take Longer Proposition 5 passed by a wide margin this week, paving the way for HECM for Purchase to be offered in Texas. To pass, Prop 5 needed approval by 51 percent (50% plus 1) of voters, but the final tally was 62 percent. During the NRMLA Business Meeting, NRMLA... Read Full Article
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If you live in California and are looking into getting a reverse mortgage, there are a few specifics to consider based on the state where you live. It’s first important to remember that Home Equity Conversion Mortgages are insured by the Federal Housing Administration on a national level. This means that all borrowers who take out an FHA-insured loan... Read Full Article
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Reverse mortgages were designed to help senior homeowners age in place. While they accomplish that goal for thousands of people today, there’s also a big picture benefit to the reverse mortgage program as a whole: It saves government money on entitlement programs such as Supplemental Security Income and Medicaid. In fact, by some estimates, reverse mortgages could save as much as $5 billion a year—or more—in... Read Full Article
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OFFICIAL: FHA Announces Fixed Rate Standard Reverse Mortgage Elimination Date.. On December 6, 2012, HUD issued Mortgagee Letter 12-26 which among other things, announced the extension of the $625,500 maximum limit on the Home Equity Conversion Mortgage (HECM or "Heck-um") program. The lending limit shall remain at 625,500 through December 31, 2013. Excerpts from that Mortgagee Letter appear below: This... Read Full Article
This material has not been reviewed, approved, or issued by HUD, FHA, or any government agency. All Reverse Mortgage, Inc. is an independent company and is not affiliated with, acting on behalf of, or endorsed by HUD/FHA or any government agency. This content is for educational purposes and is not tax advice. Reverse mortgage programs may not be available in all states.
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