Despite improvements, Secretary Carson pushes for 3 key changes While we’ve seen no official mortgagee letter or Congressional action on recently-proposed reforms to the Home Equity Conversion Mortgage- some key changes were restated last week in HUD Secretary Ben Carson’s written remarks to the House Financial Services Committee. Legislative
Recent improvements, racial targeting, and some surprising suggestions Despite the impeachment drama in our nation’s capital, the House Financial Services Committee’s hearing on the HECM was held as scheduled. It shows that some Congress members view of the HECM has evolved and some interesting proposals were put forth from
Secretary Ben Carson’s prepared remarks for recent Senate hearing confirm HUD’s mission to enact key HECM reforms While politicians squabble over the government’s role in making homeownership a reality, older homeowners who wish to use their home’s value to age in place were left out of the debate in
FHA’s New Collateral Risk Assessment will require a 2nd appraisal when determined that 1st appraisal is ‘inflated’ BREAKING- FHA announced today the enactment effective October 1st that all HECM loans must undergo a Collateral Risk Assessment to determine if the first appraisal is inflated or at market values. If
What nuggets of truth can we glean from the most recent HECM reforms?
Exclusive Interview with Shelley Giordano from Funding Longevity This week we discuss: How HECM lenders will compete under the new rules Potential changes to the how the HECM is viewed by seniors and HECM professionals The recent changes in light of the HECM’s mission Impact of lowered ongoing FHA premiums
HUD Announced New Finalized HECM Rules for 2017 HUD announced their finalized rules enacting several policy changes to the Home Equity Conversion Mortgage (HECM) program which will go into effect later this year. What do these changes hold in store for interest rate caps, disclosure requirements, and new loan assignment