Recently I originated a reverse loan for a gentleman, Mr. Smith for the purpose of this article, who at first was very evasive about what he owed on his home. When Mr. Smith applied on my website he input that his home was free and clear.
HECM Principal Limit To Decline by 10%
Breaking News from Peter Bell, NRMLA President: I [Peter Bell] just got off a phone call with FHA Commissioner David Stevens and HUD Assistant Secretary for Congressional Relations Peter Kovar, who called to tell me that HUD has posted a Mortgagee Letter implementing the 10% haircut in principal limit factors, effective for all loans on which applications …