Home / Blog / Archive by Category "FHA / HUD News"

'FHA / HUD News' Category Archives

AARP Reverse Mortgage | What is AARP’s Role in Reverse Mortgages?

   2 comments
The American Association of Retired Persons (AARP) is a large, independent, nonprofit organization dedicated to helping people ages 50-plus to achieve independence—including financial independence. While the organization, which serves 37 million older Americans and counting, doesn't offer reverse mortgage products directly, it does weigh in on them in some very important ways. Here’s where AARP comes into play for retirees who may...
Read Full Article

HECM: Understanding the 12 Month Disbursement Limit

   2 comments
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...
Read Full Article

The Government’s Role in Reverse Mortgages

   no comments
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...
Read Full Article

One Reverse Mortgage Problem No One is Talking About

   2 comments
..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...
Read Full Article

Reverse Mortgages: What Happens in a Government Shutdown?

   no comments
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...
Read Full Article

Oct. 2017 HUD Lowers Limits, Raise Costs Under Trump/Carson

   no comments
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...
Read Full Article

What the Trump Administration Means for Reverse Mortgages

   no comments
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...
Read Full Article

Reverse Mortgage Final Rule Takes Effect September 19, 2017

   no comments
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. ...
Read Full Article

Reverse Mortgage Changes 2017 – What You Need To Know.

   4 comments
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...
Read Full Article

Hurricane Alert – 5 Tips if You Have a Reverse Mortgage

   5 comments
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...
Read Full Article