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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...
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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 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...
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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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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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Hurricane Alert – 5 Tips if You Have a Reverse Mortgage

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HECMs and Hurricanes As Floridians and East Coast residents brace for Hurricane Matthew, the strongest system to threaten the United States since Katrina in 2005, we asked two knowledgeable servicers for advice that you can share with your clients if their homes are damaged. Ryan LaRose, President and COO of Lansing, MI-based Celink, and Co-Chairman of NRMLA’s Servicing Committee, and...
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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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2013 HECM Update: A Preview of Reverse Mortgage Changes Ahead

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HECM Update: A Preview of Changes Ahead By Peter Bell, President and CEO We have been getting a lot of questions from members regarding the forthcoming changes to the HECM program, now that the Reverse Mortgage Stabilization Act has been signed into law. While many details remain to be ironed out, we thought we would provide the following update. The...
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2013 Reverse Mortgage Limits, Credit & Tax Insurance Set-Asides

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The U.S. Department of Housing and Urban Development has made several changes to the Home Equity Conversion Mortgage (HECM) program to strengthen the FHA Mutual Mortgage Insurance Fund (MMIF or Fund) and protect the viability of the reverse mortgage program. The changes affect the following requirements: Initial disbursement limits New Single Disbursement Lump Sum payment option Initial mortgage insurance premiums...
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