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Reverse Mortgages: What Happens in a Government Shutdown?

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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, under a...
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Oct. 2017 HUD Moves to Lower Limits & Raise Costs Under President Trump-Sec. 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...
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What the Trump Administration Means for Reverse Mortgages

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ALERT: Oct. 2017 HUD to Lower Benefits/Raise Costs Under President Trump-Sec. Carson Why Trump's Policies Could Increase Reverse Mortgage Demand No matter your political stripe, presidential transitions mark a time of change and uncertainty—after eight years of policies shaped by one administration, another one comes along with a different perspective and plan for governance. If you’re nearing retirement, that anxiety could...
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New Reverse Mortgage Rules Take Effect September 19, 2017

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ALERT: Oct. 2017 HUD to Lower Benefits/Raise Costs Under President Trump-Sec. Carson 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. ...
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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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FHA May Soon Discontinue Reverse Mortgage Lump Sum Payout

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Reverse Mortgage Borrowers are about to see some major changes with a possible elimination of the lump sum payout option.  The House of Representatives just passed a Bill (REVERSE MORTGAGE STABILIZATION ACT OF 2013) which allows HUD to make some major changes to the Home Equity Conversion Mortgage (HECM or “Heck-um”) which is better known as the government-insured reverse mortgage. HUD was...
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OFFICIAL: Fixed-Rate Standard Reverse Mortgage Elimination Date

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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...
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2013 to Bring Sweeping Reverse Mortgage Changes

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OFFICIAL: FHA Announces Fixed Rate Standard Reverse Mortgage Elimination Date.. We have been hearing for a little while now that the Home Equity Conversion Mortgage (HECM aka "Reverse Mortgages") was going to have to undergo some changes as a result in the shortfall in the FHA's budget. The FHA shortfall turned out to be over $16 Billion and the HECM...
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