HUD Makes Reverse Mortgages a Little Less Attractive

HUD Makes Reverse Mortgages a Little Less Attractive

HUD Makes Reverse Mortgages A Little Less Attractive Articles, Business Law, Civil Litigation, Estate Planning, News and Media, Real Estate Law By Gosselin Law December 3, 2017 The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program.

The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program. Citing the need to put the program on better financial footing, HUD will raise reverse mortgage fees for some borrowers and lower the amount homeowners can borrow.

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HUD makes reverse mortgages less attractive The Department of Housing and Urban Development (HUD) has made changes to the federal reverse mortgage program. Citing the need to put the program on better financial footing, HUD has raised reverse mortgage fees for some borrowers and lowered the amount homeowners can borrow.

Taking out a reverse mortgage line of credit for a rainy day may have gotten less attractive after the introduction of new principal limit factors and mortgage insurance premiums, according to a recent story in the Wall Street Journal. "We anticipate more consumers waiting to get [a reverse mortgage] until they actually need it," LendingTree [.]

Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender.

HUD Makes Reverse Mortgages a Little Less Attractive. A reverse mortgage allows a homeowner who is at least 62 years old to use the equity in his or her home to obtain a loan that does not have to be repaid until the homeowner moves, sells, or dies. In a reverse mortgage, the homeowner receives a sum of money from the lender, usually a bank,

The HECM reverse. mortgages. Smaller draws would result in slower growth in loan balances and, other things being the same, in reduced losses to FHA. Other things are not the same, however. Reduced.

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HUD Makes Reverse Mortgages a Little Less Attractive | Grady H. Williams, Jr. LL.M, Attorneys at Law The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program. The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program.

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