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HUD announced changes to the reverse mortgage program starting in September. Changes are set to go in to effect for the new fiscal year.
HUD will introduce a new loan review system to ensure lenders’ compliance with FHA guidelines. This measure also merges reviews between HUD divisions.
HUD issued a new HECM final rule for 2017 to codify policies and statutory changes. The rule also covers new origination and servicing policies.
The National Reverse Mortgage Lenders Association (NRMLA) recently released three free consumer guides about HECM reverse mortgages.
The loan limit for HECM reverse mortgages increases to $636,150 in 2017 for most of the U.S. Homeowners may borrower up to $636,150 if they qualify.
President-Elect Donald Trump has announced plans to dismantle the Dodd-Frank Act, which will affect the banking and mortgage industry.
FHA has lowered its condo owner-occupancy standard from 50 to 35 percent. More condos may now qualify for FHA financing as a result.
Wade Pfau, Ph.D., CFA, authored a new book, Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement, as an aide for retirement planning.
Americans are living longer today than ever before. Retirement planning for longevity is key, according to actuaries and financial advisors.