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hecm policy changes

Reforms may hinge on Actuarial Report

Shannon Hicks
 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

HECM reforms the focus of Congressional hearing


Shannon Hicks
 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

HUD Secretary committed to HECM changes

Shannon Hicks
 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

BREAKING- New Collateral Assessment may require 2nd appraisal

Shannon Hicks
   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

NEW HECM Rules Announced

Shannon Hicks
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

HECM Changes: For Better or Worse?

Shannon Hicks
Do Recent HECM Changes Help or Hurt our Industry & Consumers? Certainly one could argue that the recent changes to the federally-insured reverse mortgage have improved the reputation of the program in the eyes of financial planning professionals and the media alike. While additional consumer protections are admirable, do the

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