The Reverse Mortgage Program (As We Know It) Is GONE!
The Reverse Mortgage Program (As We Know It) Is GONE…October 1st! The Department of Housing and Urban Development, and reverse mortgage industry as a whole, has begun to slowly reveal what their plans are for the reverse mortgage program, following the Senate and Presidential approval of Reverse Mortgage Stabilization Act of 2013. According to [...]
Reverse Mortgage Options in Florida
Find the RIGHT Formula As a tool for present and future financial planning, the reverse mortgage program was not attractive for consumers–and was often called “a last resort”–because of high setup costs. The introduction of the HECM Saver, or the “Standby” Reverse Mortgage has changed this perspective for the better and financial planners have noticed. An [...]
FHA Tries to Work(around) Condominium CC&Rs
The Federal Housing Administration is trying to be more hospitable with condominiums by proposing a new workaround on their previous demand that condominium associations amend their current covenant, conditions and restrictions which allows mortgage lenders and investors to lease properties–acquired through foreclosure–for a period of less than 30 days. Lawyers at the Department [...]
The Impact of Change on the Reverse Mortgage Program
Last week marked the start of change for the reverse mortgage program when Congress approved the Reverse Mortgage Stabilization Act of 2013. With the bill, which awaits the President’s signature of approval, the HUD hopes to implement various changes to make the reverse mortgage process a lot smoother for consumers in the present [...]
President Obama Signs Reverse Mortgage Reform Bill into Law
This past friday, August 9, President Barack Obama signed the Reverse Mortgage Stabilization Act into law, according to an article published in Reverse Mortgage Daily. The bill grants the Department of Housing and Urban Development the authority to establish additional requirements to improve the financial stability and safety of the Home Equity [...]
Senate Passes Bill to Stabilize Reverse Mortgage Program
In what has been a long and winded battle, the Senate has finally approved a bill granting the Department of Housing and Urban Development the authority it’s been seeking to closely manage the reverse mortgage program, pending the President’s signature. The Reverse Mortgage Stabilization Act of 2013, which was introduced by Representative Denny Heck and [...]
