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Posts Tagged '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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Reverse Mortgage Final Rule Takes Effect September 19, 2017

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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. Implementation The changes will take effect on all loans with a...
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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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Higher Reverse Mortgage Lending Limits Coming in 2017

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Higher Reverse Mortgage Limits Coming in 2017 Starting in 2017, lending limits for government-backed reverse mortgages will increase, allowing borrowers the opportunity to access more of their home equity than ever before. The vast majority of reverse mortgages are federally-insured Home Equity Conversion Mortgages (HECMs) that are backed by the Federal Housing Administration. These loans allow homeowners age...
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2017 Reverse Mortgage Limit Increased to $636,150

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FHA Increases HECM Loan Limit The maximum claim amount for FHA-insured Home Equity Conversion Mortgage (Reverse Mortgage) will increase from its current $625,500 limit to $636,150 in 2017, according to Mortgagee Letter 2016-19 published today by the Department of Housing and Urban Development. This new MCA – which is equal to 150 percent of the Freddie Mac national conforming limit...
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