What’s in your wallet…old timer?
The Reverse Mortgage Stabilization Act of 2013 authorizes the Secretary of Housing and Urban Development to establish additional requirements to improve the fiscal safety and soundness of the home equity conversion mortgage (HECM) insurance program…including higher rates.
Here is the FHA’s Single Family Housing Loan Quality Assessment Methodology (Defect Taxonomy) that FHA wants public feedback from 9-16-2014 thru 10-16-2014.
Well, here we go again – the US Government is getting deeper involved with mortgages and guarantees – this time to help Seniors refinance their home equity on an annuitized basis through a Home Equity Conversion Mortgage (HECM)
Loan requires (1) financial analysis – loan qualification; (2) maybe a escrow account, and (3) may limit amount of initial withdrawl to cover loan costs.
Sources: