http://www.reversemortgagenation.com/news Reverse Mortgage News - Articles about HECM and more! Tue, 01 Dec 2009 13:05:02 +0000 http://backend.userland.com/rss092 en The US Department of Housing and Urban Development officially extended the loan limits for its FHA insured reverse mortgage program with Mortgagee Letter 2009-50. The national FHA loan limit for the HECM program in 2010 remains at $625,500 (150 percent of the national conforming limit). In the special exception areas (AK/HI/GU/VI), ... http://www.reversemortgagenation.com/news/hud-extends-reverse-mortgage-loan-limits/ Baltimore, MD (PRWEB) November 17, 2009 -- Next Generation Financial Services (NGFS) today announced that Robert Cannon has joined NGFS as its Chief Executive Officer. Cannon succeeds acting President Richard Pitbladdo, who will continue with NGFS as its Chief Financial Officer. As an attorney, Cannon has advised banks, bank regulators and ... http://www.reversemortgagenation.com/news/ngfs-hires-robert-cannon-as-ceo/ The Government National Mortgage Association (Ginnie Mae) announced that it guaranteed more than $917 million of reverse mortgage MBS (HMBS) in October. “Ginnie Mae – whose securities carry the full faith and credit of the U.S. government – has been quick to modify and create securitization products that provide additional ... http://www.reversemortgagenation.com/news/ginnie-mae-reverse-mortgage-update/ In the aftermath of the national foreclosure crisis, Governor Arnold Schwarzenegger, to help prevent California homeowners and homebuyers from being impacted by fraudulent mortgage practices, has signed legislation increasing consumer protections in the lending market, including providing law enforcement with more teeth for cracking down on deceitful mortgage practices. These ... http://www.reversemortgagenation.com/news/governor-schwarzenegger-signs-mortgage-protection-legislation/ In a nutshell, the Commissioner explained that from its enactment, the HECM program was intended to operate without any credit subsidy. While one might argue with OMB's recent assessment, the fact is that OMB's number is the "governing" number here and accordingly, there needs to be credit subsidy, or program ... http://www.reversemortgagenation.com/news/update-on-lower-reverse-mortgage-limit/ 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 ... http://www.reversemortgagenation.com/news/hud-lowers-reverse-mortgage-principal-limit/ 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 ... http://www.reversemortgagenation.com/news/california-reverse-mortgage-bill-passes-assembly/ “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 ... http://www.reversemortgagenation.com/news/more-consumer-protections-for-reverse-mortgages/ 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 ... http://www.reversemortgagenation.com/news/obama-administration-wants-more-reverse-mortgage-funds/ 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 ... http://www.reversemortgagenation.com/news/reverse-mortgage-home-purchase-2/