'FHA / HUD News' Category Archives

Drastic Reverse Mortgage Changes Are Coming Soon

June 18, 2014     no comments

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

October 7, 2013     no comments

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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OFFICIAL: HUD Releases 2013 Reverse Mortgage Changes

September 4, 2013     no comments

Changes to the HECM Program  This issue of Weekly Report is devoted to explaining the various reforms to the HECM program announced by the Department of Housing and Urban Development on September 3 in Mortgagee Letter 2013-27. Following is a detailed summary of the various changes: Initial Draw (effective date September 30, 2013) According to HUD’s analysis of the HECM...
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Reverse Mortgage Stabilization Act Passes: What’s Ahead

July 31, 2013     1 comment

For all those who have been asking when we would know about the coming changes to the reverse mortgage program, hang on to your hat!  Late Tuesday, July 30th, the Senate passed the House Bill, H.R. 2167 which is known as the Reverse Mortgage Stabilization Act of 2013. The President is expected to sign the Bi-Partisan Bill.  The...
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FHA May Soon Discontinue Reverse Mortgage Lump Sum Payout

June 14, 2013     3 comments

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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Last Call for Fixed-Rate HECM Standard Reverse Mortgages

March 7, 2013     1 comment

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...
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OFFICIAL: Fixed-Rate Standard Reverse Mortgage Elimination Date

January 30, 2013     2 comments

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

December 7, 2012     6 comments

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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2013 Reverse Mortgage Changes Underway

December 3, 2012     no comments

OFFICIAL: FHA Announces Fixed Rate Standard Reverse Mortgage Elimination Date.. You may have seen recent headlines about the Federal Housing Administration being in the “red,” as a result of the housing crisis. A recent audit of the FHA’s financial position found its net worth adds up to a negative figure, and thus will result in changes to the agency’s various...
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MMI Fund Under Stress forces HUD to Make Changes

November 19, 2012     no comments

OFFICIAL: FHA Announces Fixed Rate Standard Reverse Mortgage Elimination Date.. Nothing Stays the Same but Change. It's more than just a song.. especially in the world of reverse mortgages. Just when the rates are at the lowest in the history of the program for some of the products, the costs to borrowers are at their lowest for some programs and...
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