Millions of retirees face financial challenges as they try to make ends meet when their income drops. For many seniors, the equity they have in their home is their largest untapped asset, yet they don’t want to make the dramatic decision to sell their family home in order to access the equity that they’ve built [...]
Archive for February 2015
The Department of Housing and Urban Development (HUD) announced that it is delaying implementation of the long-heralded Financial Assessment rule. This announcement comes just weeks before the new rule was scheduled to take place.
HUD cited a delay in the delivery of “certain system enhancements” that were required to support the policies which had been published [...]
A group of 17 Congressional Democrats sent a letter to Department of Housing and Urban Development Secretary Julian Castro, calling for more foreclosure protections for Home Equity Conversion Mortgage borrowers’ spouses.
Their letter was prompted by a group of surviving spouses, whose names were not on the titles when their partners acquired HECM loans under the [...]
Homeowners over the age of 62 who have built up a equity in their home and wish to stay can tap into their home’s equity with a reverse mortgage.
This type of mortgage has become a popular way for seniors to fund their retirement. In 2013 Reverse Mortgage loans totaled $15.3 billion dollars, an increase of [...]