Reverse Mortgage Financial Assessment Begins March 2, 2015

After much anticipation, HUD has released guidance for reverse mortgage financial assessment. This new change will affect all borrowers whose case numbers are assigned on or after March 2, 2015. HUD states “the purpose of financial assessment is to evaluate a mortgagor’s willingness and ability to meet his/her financial obligations and to comply with the …

HUD Releases Changes to the HECM Reverse Mortgage Program

After much anticipation and speculation, the Department of Housing and Urban Development (HUD) has released a multitude of changes to the HECM program. “These changes to reverse mortgages will protect consumers,” according to Carol Galante, Federal Housing Administration (FHA) Commissioner and Assistant Secretary for Housing. The following is a summary of the changes that were announced …