Archive for February 2013

HECM Loan Changes 2013

Seniors who have been considering taking out a Reverse Mortgage may want to review the new changes that have been implemented in the Home Equity Conversion Mortgage (HECM) loan structure before signing onto the loan.
This is the assessment of financial consultants who see the changes as a positive step for the economy, the Department [...]

Consumer Financial Protection Bureau Launches Hotline for Newark Consumers

The Consumer Financial Protection Bureau has launched a prototype for a consumer hotline in Newark, New Jersey. The goal of the hotline is to enable consumers to report financial product and service abuse to the CFPB directly by phone. The hotline will operate with a four-digit number and will also serve as a vehicle for [...]

Counseling Agencies Receive HUD Letter

In recent months the Department of Housing and Urban Development has received complaints about prohibited marketing practices employed by some Reverse Mortgage counseling agencies. HUD requires that all applicants for a HECM loan attend a counseling session with a HUD-approved counselor. Counselors receive certification from HUD after they complete the HUD HECM Counseling Exam as [...]

Mortgage-Less New Home Options for Seniors

Retirees who want to move to a different home, perhaps to downsize or relocate and move closer to family or friends, can take advantage of a unique Reverse Mortgage for Purchase. The Home Equity Conversion Mortgage (HECM) for Purchase enables individuals aged 62 or older to access the equity that they have in their current [...]