Archive for January 2013

Reverse Mortgage in 2013

With recent changes that have taken place in the Reverse Mortgage market, many people are now asking what the Home Equity Conversion Mortgage product will look like in 2013.
Although the HECM mortgage is scheduled to undergo some changes in the near future, at the present, there are only a few changes which are anticipated in [...]

January 2013 Sees Reverse Mortgage Changes

January 2013 is shaping up as a month of big changes for the Department of Housing and Urban Development’s (HUD) Home Equity Conversion Mortgage (HECM) product. In response to criticisms the HUD’s administrative agency, the Federal Housing Administration (FHA) is scheduled to announce changes to the terms of the mortgage effective with the release of [...]

HUD to Answer for Lack of Spousal Support Regarding Reverse Mortgages

In a victory for Reverse Mortgage consumers a three-judge U.S. Court of Appeals has ruled that a suit against the Department of Housing and Urban Development (HUD) may proceed. The suit relates to a provision of the federally-insured Home Equity Conversion Mortgage that allows for the foreclosure of a HECM-insured home if the borrower dies [...]

Safe Reverse Mortgages

Since Reverse Mortgages were introduced in 1989 their popularity has continued to steadily increase. For many seniors the concept of a Reverse Mortgage simply made sense. They had either completely paid off their homes or had paid off the majority of their mortgages. Now the Reverse Mortgage would allow them to access the equity that [...]