Not since the Reverse Mortgage was inaugurated in 1989 have there been so many changes to the loan product in one year. During 2013 the HECM loan was completely revamped after Congress gave the Department of Housing and Urban Development the go-ahead to initiate the changes. Financial advisors have been suggesting for several years that [...]
Archive for December 2013
The new HUD Reverse Mortgage guidelines have given the HECM loan new opportunities to reach its fullest potential. Until recently uncertainty over the differences between a HECM Saver and a HECM Standard, worries about spousal rights in the event that a borrower dies, fears of high third party costs and other issues deterred many seniors [...]
The Department of Housing and Urban Development (HUD) has appealed a recent court decision regarding the position of non-borrowing spouses in a Reverse Mortgage. The case involved a Washington DC court ruling in a AARP lawsuit regarding a non-borrowing spouse who had his house repossessed after the man’s wife, the borrowing spouse, died.
In 2009 HUD [...]
For retirees 62 or older, taking a Reverse Mortgage may be a wise financial move. A Reverse Mortgage can help finance a home improvement, pay off a current mortgage, supplement retirement income, pay for healthcare expenses or help the borrower move to a home that is in keeping with his/her new needs. Reverse Mortgages allow [...]
The Consumer Financial Protection Bureau’s new mortgage rules are scheduled to be implemented in January 2014. To help consumers navigate these new rules the CFPB has launched a new tool that will help potential borrowers find local housing agencies that can answer their questions or address any of their concerns.
According to the rules of the [...]