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Home Equity Conversion Mortgage

GAO Outlines Reasons Not to Move the HECM from the MMI Fund

Shannon Hicks
Government Accountability Office outlines reasons to keep the HECM in FHA MMI Fund On its face, the calls the separate the highly-volatile Home Equity Conversion (HECM) from the FHA’s MMI (Mutual Mortgage Insurance Fund) appear fair-minded and pragmatic, but a recent report from the Government Accountability Office cited several reasons

A HECM or a Jumbo?

Shannon Hicks
Equity consumption, home appreciation, and heirs Million dollar homes are more commonplace than many would expect and with more affluent borrowers considering a reverse mortgage, the question arises: does a reverse mortgage make sense? Jack Guttentag’s (aka The Mortgage Professor) latest column in the Herald Tribune addresses the strategies and

A New Breed of Reverse Mortgage Originator

Shannon Hicks
The truth is this. Today’s Home Equity Conversion Mortgage will require a new breed of originators. To succeed, loan officers will need to become conversant with financial fact finding, requesting personal tax and financial documents and tracking the nuances required by the upcoming Financial Assessment.

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