Reverse Mortgage Program Changes Become a Reality
As promised, the new reverse mortgage programs changes, approved in the Reverse Mortgage Stabilization of 2013, came into effect on September 30th. Guidelines for paying mandatory obligations and the financial assessment components will come into effect on January 13 of next year. While not all the components of the new [...]
Why Did the Reverse Mortgage Changes Have to Happen?
It’s a question that has been on my mind for a while. In truth, I don’t think any ONE specific reason can be attributed to the changes that have happened to the reverse mortgage program this past year alone. It was more of a collection of habits and situations that ultimately lead to the [...]
Don’t Let One Bad Apple (Or a Few) Ruin the Whole Bunch
Financial Freedom Strikes Again! An article on KHOU Houston’s website, “Texas senior citizen’s home ownership threatened by reverse mortgage loan,” reports: “Janet Tannehill, in order to ease her financial burdens, took out a reverse mortgage through One West’s now defunct reverse mortgage subsidiary, Financial Freedom. Now, she is in foreclosure because [...]
Will FHA and HUD Be Affected By Government Shutdown?
The government shutdown is in effect for the first time in 17 years but, for the time being, reverse mortgage loan, insured HUD and FHA, will largely remain unaffected. The shutdown came as a rude awakening for many government workers, and tourists who hoped to visit Yosemite National Park during [...]
HECM Loan Changes…What They Mean for Borrowers: Part 3 of 3
The changes to the reverse mortgage program will affect everyone. From HUD to brokers to borrowers, these new changes are poised to change the reverse mortgage program (as we know it) completely. For borrowers, these changes will affect the amount they can potentially receive, if they are able to qualify at all. The [...]
HECM Loan Changes…What They Mean for Brokers: Part 2 of 3
The changes to the reverse mortgage program will affect everyone. From HUD to brokers to borrowers, these new changes are poised to change the reverse mortgage program (as we know it) completely. For brokers, these changes have been in the back of our minds for a while. We knew change were coming, we [...]
