Reverse Mortgage Program becomes a priority in POTUS agenda

Mortgage and Lending with PS Mortgage Lending 305-791-4874 or 888-845-6630 365768

This week, the housing system became a new point in president Trump’s agenda, after he signed a memo regarding the long overdue reform, handing the task to the Department of Housing and Urban Development and the Treasury Department.

A year ago, the president’s budget gave a boost to the HECM program by increasing the cap limit on reverse mortgages, and this new focus on the program shows that reverse mortgages are still a priority in the Trump administration:

“The Budget will again propose permanently lifting the cap of 275,000 loan guarantees to provide further stability for the HECM program. This proposal reflects the significant improvements that have been made to the program to reduce risk to the MMI Fund and to ensure responsible lending to seniors.” the White House wrote in its proposal for the fiscal 2019 Department of Housing and Urban Development budget.” - The White House stated in 2018.

The new reverse mortgage program will be reformed by HUD Secretary Ben Carson and his team. Trump expects that Carson will create a new, stronger economic base for the program. Administrative reform or congress action are under consideration, still.

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Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

I just missed Ben Carson's appearance regarding this news. Are we the only ones who believe this is important. It was but a blip in the crosshairs of the media.

Apr 05, 2019 06:36 PM #1
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Phil Stevenson, CRMP

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