Government Shutdown Impact on Reverse Mortgages

[Updated 12/26/18] What happens with your reverse mortgage in a Government shutdown? In the event of a Government shutdown, as is currently the case, the Federal Housing Administration's Office of Single Family Housing (FHA) and its mortgage insurance fund will operate with limited services. We will continue to close HECM reverse mortgages that fully comply …

2018 Reverse Mortgage Limit Increased to $679,650

For all HECM reverse mortgage loans origination on or after January,  2018, the reverse mortgage limit or maximum claim amount (MCA) for has increased from the prior limit of $636,150 to the new limit of $679,650, according to Mortgagee Letter 2017-17. The Mortgagee Letter was published December 7, 2017 by the Department of Housing and Urban Development. …

New Reverse Mortgage Rules Starting September 19, 2017

Reverse Mortgage Final Rule (HECM Final Rule) The purpose of this bulletin is to summarize the key changes to the HECM program in accordance with HUD’s Final HECM Rule. This bulletin summarizes the key changes affecting the origination of HECM loans. Additional guidance on how to implement and apply the below changes is forthcoming.