HUD Makes Reverse Mortgages a Little Less Attractive

The average reverse mortgage borrower drew 64% of their equity under the old rules. That will drop to 58%, according to the Wall Street Journal. All that makes reverse mortgages less attractive, but the offers will keep coming. Is a Reverse Mortgage a Good Idea? For some people, yes. They have asked pertinent questions like:

HUD Makes Reverse Mortgages a Little Less Attractive Posted on September 1, 2017 Author: Skipton Reynolds The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program.

Bold blue type, bordering a photograph of an older woman, declared "Approved HUD Lender" and "You. Consumers will be steered to another reverse mortgage called the HECM Saver, a program started in.

HUD makes reverse mortgages less attractive 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 reverse mortgage fees for some borrowers and lowered the amount homeowners can borrow.

Citing the need to put the program on better financial footing, 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 loan that does not have to be repaid until the homeowner moves, sells, or dies.

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"The whole reason behind this program is to offer seniors a financing option that allows them to remain in their home for as long as they’re able," said HUD spokesman. predict that will make.

HUD Makes Reverse Mortgages a Little Less Attractive 6 Sep, 2017 in Elder Law by Lavelle & Finn The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program.

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The homeowner makes no payments and all interest is. who have been living in their home for a long time and have little monthly income and have no plans to move, reverse mortgages are an attractive.

(For more, read Is A Reverse Mortgage Right For You?) With a reverse mortgage, a lender makes payments to the homeowner based. by the U.S. Department of Housing and Urban Development (HUD). HECMs.