Archive for the 'Reverse Mortgage News' Category

HUD Lowers Reverse Mortgage Principal Limit

Monday, September 28th, 2009

The U.S. Department of Housing and Urban Development posted Mortgagee Letter 09-43, which announced a new set of principal limit factors for the Federal Housing Administration (FHA) HECM program. The changes will lower the principal limits for the HECM by 10%.
According to the ML, the new principal limit factors must be [...]

California Reverse Mortgage Bill Passes Assembly

Friday, September 11th, 2009

The California Assembly passed a bill earlier this week, which is meant to provide an additional level of protection to senior citizens considering reverse mortgages.
Passed by a vote of 49-29, SB 660 requires that a checklist be provided to the consumer prior to the mandatory counseling session and states that any person who recommends [...]

Comptroller Urges More Consumer Protections for Reverse Mortgages

Tuesday, June 9th, 2009

“While reverse mortgages can provide real benefits, they also have some of the same characteristics as the riskiest types of subprime mortgages – and that should set off alarm bells,” Comptroller Dugan said. The experience with subprime mortgages “clearly demonstrates the link between compliance and safety and soundness.”
Reverse mortgages provide a source of income or [...]

Obama Administration wants more Reverse Mortgage Funds

Wednesday, May 27th, 2009

The Obama administration is asking taxpayers to subsidize the Federal Housing Administration’s program for reverse mortgages for the first time.
The administration has requested that Congress appropriate $798 million for the program, according to budget documents released by the White House Thursday. However, the FHA’s flagship single-family mortgage insurance program will remain self-funded, squelching concerns that [...]

Reverse Mortgage Home Purchase

Friday, May 15th, 2009

Home Purchase with a Reverse Mortgage is available almost nationwide…
The Federal Housing Administration early this year approved such a deal as a form of reverse mortgage for home buyers who are 62 or older.
But in Texas, the only thing anyone can do is imagine. The home-equity-for-purchase deal is available in 49 states, but not Texas.
Here’s [...]