A summary of recommended HECM changes
In a statement issued last week we learned that the Department of Housing and Urban Development (HUD) in cooperation with the Treasury Department presented President Donald Trump with their plans for reforming the Nation’s housing finance system and the Home Equity Conversion Mortgage program.
To date, no hard deadlines have been announced for implementation of any specific recommendations included in the report. Administrative reforms can be enacted by the Department of Housing and Urban Development. Legislative reforms require the approval of Congress which is more problematic and unpredictable.
While we have focused primarily on the Home Equity Conversion Mortgage, the report recommends reforms for several facets of housing finance that fall under the supervision of the Federal Housing Administration.
Here is a summary of the recommended changes to the Home Equity Conversion Mortgage program as part of housing finance reform.