The image of a Reverse Mortgage borrower is often that of a senior citizen who is living on a tight budget and looking for some additional disposable income but in point of fact, the Reverse Mortgage can be a part of any senior citizen’s financial planning strategy.
According to the Department of Housing and Urban Development [...]
When Congress and the Department of Housing and Urban Development began to discuss changes to the Reverse Mortgage product in late 2012, observers worried that the changes would weaken the program. In point of fact the opposite has proven true. Due to increased government regulations and involvement, Home Equity Conversion Mortgages (HECMs) have become an [...]
On Friday August 9th President Barack Obama signed the Reverse Mortgage Stability Act into law. This act is a bipartisan measure that is designed to protect the financial options for American seniors. The legislation authorizes the Secretary of Housing and Urban Development (HUD) to establish whichever requirements are needed to protect the Home Equity Conversion [...]
In a surprising show of unity Republicans and Democrats and members of both Houses of Congress joined together to pass a bill that stands to benefit senior homeowners. The bill had been previously approved by the House of Representatives and this week the Senate voted overwhelmingly to pass the legislation that will tighten the Home [...]
The Department of Housing and Urban Development has indicated that the Reverse Mortgage product is set to undergo significant changes in the coming months. These changes, the HUD believes, will shore up the Home Equity Conversion Mortgage (HECM) program and allow it to continue to provide seniors with an opportunity to access the equity that [...]