New HECM Head (Senior Advisor to the Department of HUD) Hopes to ‘Move Needle’ in New Role The new Senior Advisor to the Department of Housing and Urban Development (HUD) Deputy Assistant Secretary for Single Family Programs, Dr. Joshua Miller, introduced himself Monday to the reverse mortgage industry by giving a Home Equity Conversion Mortgage […]

Curbing HUD losses on HECM

Curbing HUD losses on HECM reverse mortgages: Further thoughts by The Mortgage Professor: Facebook TwiEmPriSIn a previous column, I noted that large losses on HECM reverse mortgages could be attributed to adverse selection. The program attracts too many borrowers in desperate financial condition and too few borrowers with options. I argued that HUD, instead of […]

New Reverse Mortgage vs HELOCs

 ‘New’ Reverse Mortgage vs HELOCs The Department of Housing and Urban Development’s latest changes to the reverse mortgage program have given rise to yet another “new” reverse mortgage — one with lower interest rates and ongoing insurance premiums that enable borrowers to preserve more of the equity in their homes. Some originators say the revised program […]

Reverse Mortgage Loan Limit

Reverse Mortgage Loan Limit to Rise Again in 2018 For the second year in a row, the loan lending limit for federally backed reverse mortgages is increasing. The Department of Housing and Urban Development on Thursday announced a maximum claim amount of $679,650 for calendar year 2018, up from $636,150 this past year. HUD arrives […]

What HUD’s New Rules Mean

What HUD’s New Rules Mean for the Reverse Mortgage Industry The Department of Housing and Urban Development on Tuesday shook the reverse mortgage world with new rules regarding mortgage insurance premiums and principal limits. While the industry continues to sort out the exact effects — many of which may not be known until after the […]

Get reverse mortgage counseling

Get reverse mortgage counseling first is a great idea and will help you make a decision much easier. The FHA/HUD counseling is impartial and will help you decide weather the Reverse Mortgage makes sense for you! Ben Carson, secretary of Housing and Urban Development, has recently put new restrictions on reverse mortgages. ANDREW HARRER reprinting Bloomberg, […]