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'FHA / HUD News' Category Archives

What COVID-19 Means For Reverse Mortgages

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COVID UPDATE:  You may opt for your appraisal to be completed by an exterior only inspection until February 28, 2021. The outbreak of the COVID-19 coronavirus in the United States has universally disrupted the regular, daily lives of Americans as well as the nation’s economy. As the risk of infection and the possibility of hospitalization, particularly for older Americans, has...
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HUD Announces Condo Changes to Take Place October 15, 2019

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HUD Announces Condo Rules with Changes to Take Place October 15, 2019 Since we last wrote, HUD has finally announced that they are bringing back the single-unit approvals for condominiums! HUD just announced that they will once again begin allowing unit owners to obtain FHA-insured loans on individual units in condo projects that have not gotten the entire project...
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What is the Government’s Role in Reverse Mortgages?

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An estimated 99% of of reverse mortgages offered today are insured by the Federal Housing Administration (FHA), according to the agency. While the government does insure these reverse mortgage products, it does not offer the loans directly to consumers. Since they are insured by the federal government, the vast majority of reverse mortgages come with additional benefits that you won’t...
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One Reverse Mortgage Problem No One is Talking About

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..one originator’s observations about the undiscussed reasons for problems with the MMI fund. We heard from Brian Montgomery at the annual NRMLA meeting that he envisions further changes coming down the road for the HUD HECM program.  Jessica Guerin at The Housing Wire (Housing Wire on Brian Montgomery) tells us that Montgomery outlined the “fixes” attempted by HUD and that...
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How Government Shutdowns Affect Reverse Mortgages

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FHA Info #18-02 Highlights Available Services As a result of the federal government shutdown due to a lapse in appropriations, until further notice the Federal Housing Administration’s Office of Single Family Housing and its mortgage insurance program will be operating with limited services. FHA just released the following information as FHA Info #18-02: As was the case in previous shutdowns,...
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HUD Lowers Limits, Raise Costs Under Trump/Carson

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In our recent article dated July 26, 2017, we indicated that a new administration in Washington marks a time of uncertainty and uneasiness as people try to guess what the new policies will be.  The announcements made by HUD today answered some of those questions with regard to the Home Equity Conversion Mortgage program. Lenders had been hearing bits and pieces...
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What the Trump Administration Means for Reverse Mortgages

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2020 Update: President Trumps’s FY2021 Budget Forecasts Strong HECM Performance The White House this week released a Fiscal Year 2021 proposed budget that predicted strong economic numbers for the Home Equity Conversion Mortgage program during the next federal fiscal year that begins on October 1, 2020. The budget projects the HECM program will operate at a credit subsidy level equal...
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Reverse Mortgage Final Rule Takes Effect September 19, 2017

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Reverse Mortgage Final Rule The purpose of this bulletin is to announce upcoming changes to HECM program due to the HUD Final Rule. This bulletin summarizes the key changes affecting the origination of HECM loans. Additional guidance on how to implement and apply the below changes is forthcoming. Implementation The changes will take effect on all loans with...
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Reverse Mortgage Changes 2017 – What You Need To Know.

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ALERT: Oct. 2017 HUD to Lower Benefits/Raise Costs Under President Trump-Sec. Carson 2017! Does that sound as odd to you as it does to me?  Seems like it was only yesterday that HUD finally lifted the county by county limits on the HECM program and we went to a national limit of $417,000 that was raised just a year later to...
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Drastic Reverse Mortgage Changes Are Coming Soon

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HUD previously delayed their Financial Assessment, but it looks like they will be taking place soon. There are  changes that will go into effect in the near future that will affect many reverse mortgage applicants. At All Reverse Mortgage, we feel that we wouldn't be doing our jobs if we didn't keep everyone up to date on what's happening. Here are some...
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