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Kenneth M. Donohue, inspector general for the Department of Housing and Urban Development, told a U.S. House of Representatives financial services subcommittee that he is working with Sen. Claire McCaskill and the Senate Special Committee on Aging to address fraud in the home equity conversion mortgage program.
Donohue told the Subcommittee on Oversight and Investigations on [...]

As more seniors tap into their home equity to deal with the growing uncertainties of retirement, a report released by the MetLife Mature Market Institute calls for a comprehensive approach to educate and protect seniors on how to use home equity for financial planning.
Approximately 14% of seniors are taking cash out of their house through [...]

There could be a rush of reverse mortgage applications for condominiums in the next few months as the Federal Housing Administration eliminates spot loan approval for unapproved condo projects and potentially thousands of approved projects will need to be recertified.
But direct endorsement lenders can, for the first time, approve condominium projects, according to new FHA [...]

Housing and Urban Development Secretary Shaun Donovan told a Senate appropriations subcommittee today he is open to making changes to the Federal Housing Administration’s reverse mortgage program in order to lessen the risk to the FHA insurance fund. His comments raised concerns that the changes could reduce the number of people served by the program.
Sen. [...]