2017 HECM Changes In a move that shocked the entire reverse mortgage industry, HUD released Mortgagee Letter ML 2017-12, which will have a huge impact on the reverse mortgage program. The Mortgagee Letter indicates that in order for FHA to continue to endorse the HECM loan program, changes were needed which would increase the upfront Mortgage …
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After much speculation, HUD announced the future elimination date of the Fixed Rate Standard Home Equity Conversion Mortgage (HECM). For new case numbers assigned on or after April 1, 2013, any homeowner seeking a fixed rate reverse mortgage will be limited to the Fixed Rate Saver Program. HUD also notes that all fixed rate standard loans must …
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You’d be hard pressed to do an online search for reverse mortgage information today without coming across an article about a recent landmark government report on the product and the lenders who offer it. The CFPB reverse mortgage report spans more than 200 pages of research recently conducted by the Consumer Financial Protection Bureau and …
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Wells Fargo, the leading originator of reverse mortgages, announced today that they will discontinue offering Home Equity Conversion Mortgages (HECM). This comes after their March 1, 2011 announcement that they were exiting the wholesale reverse mortgage business. There is a lot of speculation as to why Wells Fargo reverse mortgage would make this move. In …
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Three of the top 10 markets in the country for reverse mortgages are located in Florida, according to an analysis of government data conducted by Reverse Market Insight.