hecm: Reverse Mortgage Changes on the Way! - 09/04/13 07:39 AM
Reverse Mortgage Changes on the Way!
The FHA has just released Mortgagee Letters 13-27 & 13-28 dealing with changes to the way Reverse Mortgages, also known as Home Equity Conversion Mortgages (HECM), will be handled in the future.
The first changes will become effective with HECM loans that have case numbers assigned beginning on September 30, 2013.  These changes will effect: Initial Disbursement Limits; Single Disbursement Lump Sum Payment Options; Initial Mortgage Insurance Premiums; Principal Limit Factors; and Initial Mortgage Insurance Premium Calculations on refinance transactions.  
Among the changes, these rules do away with the "HECM Saver" and HECM Standard".  There … (8 comments)

hecm: FHA Takes Steps to Bolster Capital & News From HUD - 01/30/13 06:50 AM
David Saks has provided a great service by bringing this FHA news forward, for those who might not see it otherwise.   Though it is not the best of news for those who would like to buy their home with FHA financing, it does provide us with information on how they see themselves in the marketplace ongoing.  Though date on HECM is clearly stated, the implementation dates for changes to MIP are not as clear (hopefully the April 1 date will hold for all changes - giving us time to get people in under current rules.)
HUD NEWS
U.S. Department of Housing … (2 comments)

hecm: Looking at Retirement and Your Home - 11/11/11 11:58 AM
 
Looking at Retirement and Your Home
                 With the baby-boomers entering the retirement arena (though maybe not as fast as some of them had hoped for) it is important to have some idea as to what you are going to do about your home.
                 In the past there were basically two options.  You could just keep on living in the home (which was probably paid for) or you could sell the home to buy something in another area that you believed would be better during retirement.
                 Today, the options have grown some more.  Following are a few words … (2 comments)