Home Buyer News

HUD Makes Reverse Mortgages a Little Less Attractive

HUD Makes Reverse Mortgages a Little Less Attractive – The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program. Citing the need to put the program on better financial footing, HUD will raise reverse mortgage fees for some borrowers and lower the amount homeowners can borrow.

HUD Makes Reverse Mortgages A Little Less Attractive The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program. Citing the need to put the program on better financial footing, HUD will raise reverse mortgage fees for some borrowers and lower the amount homeowners can borrow.

But a HUD report issued. Flynne, of reverse mortgage solutions, said regulations make it hard to help widowed spouses stay at home. “The last thing we want to do is rough up the elderly,” she said.

Just yesterday I received a call from a borrower for whom I closed a reverse mortgage a little less than a year ago who. in interest rates would net the borrower $32,000 less in proceeds. HUD may.

As home equity conversion mortgages, also known as reverse mortgages. New changes announced by HUD in August and enacted Oct. 2 may make HECMs less attractive, however: Upfront costs are raised to.

Citing the need to put the program on better financial footing, HUD will raise reverse mortgage fees for some borrowers and lower the amount homeowners can borrow. Reverse Morgage A reverse mortgage allows a homeowner who is at least 62 years old to use the equity in his or her home to obtain a loan that does not have to be repaid until the homeowner moves, sells, or dies.

The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program. Citing the need to put the program on better financial footing, HUD will raise reverse mortgage fees for some borrowers and lower the amount homeowners can borrow.

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“The whole reason behind this program is to offer seniors a financing option that allows them to remain in their home for as long as they’re able,” said hud spokesman. predict that will make.

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