Government
Refinancing Existing Home Equity Conversion Mortgages (HECM) and Revision
From the HUD Letter Series
TO: ALL APPROVED MORTGAGEES
ALL FHA APPROVED HOUSING COUNSELING AGENCIES
SUBJECT: Refinancing Existing Home Equity Conversion Mortgages (HECM) and Revision
to the HECM Calculation Software–Single Family
This Mortgagee Letter informs Mortgagees and Housing Counseling Agencies that provide HECM Counseling of statutory changes to the Federal
Properties Not Eligible for Reverse Mortgages
According to HUD, there are several types of housing units that are not eligible for a HECM or Reverse Mortgages. Primarily older manufactured homes are not eligible with a couple of other types you would not think about on a normal basis.
Cooperative units
Newly constructed residence where a Certificate of Occupancy or its equivalent has [...]
National Reverse Mortgage Counselor Network
These names have been approved by HUD.
Increasing demand for HUD’s HECM product by senior citizens, has put pressure on the counseling industry to meet the demand for the required counseling. To make sufficient quality Home Equity Conversion Mortgage (HECM) counseling available, HECM counselors from the below agencies are permitted to provide face-to-face and telephone counseling [...]
New HUD Rule Allows Reverse Mortgages For Home Purchase
Annapolis, MD — (SBWIRE) — 12/15/2008 — Reverse mortgages have been available for more than two decades for senior homeowners that have significant amount of equity in their homes and want to tap it. With recent HECM guideline changes, the HUD is backing a program to help older homeowners purchase a home with the increasingly [...]
Australia’s Reverse Mortgage Market Continues To Grow
From time to time I like to take a look at the reverse mortgage market from a global perspective. Many westernized countries including Australia, New Zealand, Canada and England offer various forms of what we refer to as reverse mortgages.
While the global housing related financial sectors of various economies may been headed towards record lows, [...]
Local Focus: Michigan Reverse Mortgage Stats
Michigan has seen some increased HECM activity during the 1st three quarters of this year. Even with many counties having poor equitiy positions due to heavy foreclosures and job losses, many seniors are applying and getting approved for reverse mortgages, according to HUD.
Michigan Reverse Mortgage Lenders. So, who are Michigan’s top reverse mortgage lenders? The [...]