HUD Makes Reverse Mortgages a Little Less Attractive

HUD Makes Reverse Mortgages a Little Less Attractive. A reverse mortgage allows a homeowner who is at least 62 years old to use the equity in his or her home to obtain a loan that does not have to be repaid until the homeowner moves, sells, or dies. In a reverse mortgage, the homeowner receives a sum of money from the lender, usually a bank,

HUD Makes Reverse Mortgages a Little Less Attractive | Grady H. Williams, Jr. LL.M, Attorneys at Law The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program. The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program.

Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender.

HUD makes reverse mortgages less attractive. Posted On: April 18, 2018. Timothy Rice. Legal Insights. The Department of Housing and Urban Development (HUD) has made changes to the federal reverse mortgage program. citing the need to put the program on better financial footing, HUD has raised.

Taking out a reverse mortgage line of credit for a rainy day may have gotten less attractive after the introduction of new principal limit factors and mortgage insurance premiums, according to a recent story in the Wall Street Journal. "We anticipate more consumers waiting to get [a reverse mortgage] until they actually need it," LendingTree [.]

HUD Makes Reverse Mortgages a Little Less Attractive. Category: Featured;. HUD will raise reverse mortgage fees for some borrowers and lower the amount homeowners can borrow. A reverse mortgage allows a homeowner who is at least 62 years old to use the equity in his or her home to obtain a.

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HUD Makes Reverse Mortgages a Little Less Attractive – Lavelle & Finn, LLP news The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program.

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HUD Makes Reverse Mortgages a Little Less Attractive. In addition, HUD is lowering the amount that homeowners can borrow. The average borrower at current interest rates will be able to borrow only around 58 percent of the value of their home, down from 64 percent. The changes are set to go into effect on October 2, 2017.