An estimated 30,000 reverse mortgages (~5% of the total) are now in technical default.Due to the sensitivity of the issue (and the potential for a Public Relations fiasco!), HUD recently issued guidance to all reverse mortgage lenders, urging them to avoid foreclosure at all cost.
HUD announces changes to reverse mortgage program to lower. – The Department of Housing and Urban Development is finally changing the requirements around its reverse mortgage program, announcing plans on Tuesday to raise premiums and place tighter loan limits.
How Is an Appraisal Done for a Reverse Mortgage? | Bizfluent – The Reverse Mortgage Program is a Federal Housing program that allows seniors, age 62 and older, to take out a portion of the accrued equity in a house. Funds can be used for virtually any purpose such as supplemental income, home improvements, a dream vacation, or medical expenses.
FHA eliminates two "unnecessary and outdated" lending roadblocks – The Federal Housing Administration has taken steps to reduce some of the regulatory burdens that belabor the lending process, releasing two mortgagee letters Tuesday with updated guidelines. at.
HUD announces new reverse mortgage rules – In a surprise move, the Department of Housing and Urban Development (HUD) announced new rules Tuesday for the government-backed reverse mortgage lending program that allows senior homeowners to.
HUD.gov / U.S. Department of Housing and Urban Development (HUD) – You can use the listing below to see if you qualify. If you meet the eligibility criteria, you can complete a reverse mortgage application by contacting a FHA-approved lender. You can search online for a FHA-approved lender or you can ask the HECM counselor to provide you with a listing. The lender will discuss other requirements of the HECM.
As of 2012, only 2-3% of those eligible for reverse mortgages had one. As of 2013, there are over 700,000 reverse mortgage outstanding, and 90% are HECM loans. To date, the FHA has insured over $160 billion in maximum claim amounts (the total of the values of the homes at origination), of which more than $130 billion is outstanding.
FHA Reverse Mortgage Rules: Non-Borrowing Spouses – FHA Reverse Mortgage Rules: Non-Borrowing Spouses. by Brad R. in Peru, IL and by Dorothy N. in Montgomery, AL Ask Kate about new FHA reverse mortgage rules regarding policy changes for non-borrowing spouses: On June 12, 2015, Housing and Urban Development (HUD) announced a compassionate policy change for homes financed with a Home equity conversion mortgage (HECM), the FHA income-producing.