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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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OFFICIAL: HUD Releases 2013 Changes to the HECM Reverse Mortgage

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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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