Archive for May 2015

Five Things that you Should Know About Reverse Mortgages

If you own your own home, you can access the equity that you have in your house to turn it into a pension. The Reverse Mortgage option gives you a tax-free monthly payout or a lump sum which you don’t need to repay until you die or sell your home.
According to the rules of the [...]

HECM Loans – Changes, Revisions, Today’s Situation and some Hints

The Home Equity Conversion Mortgage was introduced to the American market in 1989. The concept behind the HECM loan was that, in order to help seniors increase their income during their retirement years, the government, under the auspices of the Department of Housing and Urban Development, would help these individuals access the equity that they [...]

Non-Borrowing Spouse Rule – Where it Stands Today

In the ongoing saga of the HECM’s non-borrowing spouse rule, last week, the Department of Housing and Urban Development rescinded its August 2014 rule that was intended to keep as many non-borrowing Reverse Mortgage spouses as possible from being forced out of their homes upon the death of the borrowing spouse. Beginning in May 2015, [...]

Consumer Groups Fight HUD on Non-Borrowing Spouse Changes

Despite its ongoing efforts to address challenges faced by non-borrowing spouses of Reverse Mortgage borrowers, the Department of Housing and Urban Development (HUD) is receiving a scolding from consumer advocate groups, which denounce the agency’s latest guidelines on this matter.
In May 2015, senior advocates and the agencies’ attorneys sent a letter to HUD in which [...]