Following a long wait, the U.S. Department of Housing and Urban Development (HUD) published a revised version of the Fair Housing Administration’s (FHA) handbook governing the origination and servicing of FHA loan products,...more
Last week, the Department of Housing and Urban Development (HUD) revised multiple regulations and requirements related to servicing Home Equity Conversion Mortgages (HECMs, more commonly known as “reverse mortgages”), with...more
Affirming its commitment to the senior citizen population, on May 17, 2023, the Federal Housing Administration (FHA) issued Mortgagee Letter 2023-10, implementing amendments to the Home Equity Conversion Mortgage (HECM)...more
The Federal Housing Administration recently issued Mortgagee Letter 2022-23, establishing a new COVID-19 Home Equity Conversion Mortgage Property Charge Repayment Plan. The COVID-19 HECM Property Charge Repayment Plan would...more
3/10/2023
/ Borrowers ,
Coronavirus/COVID-19 ,
Fair Housing Act (FHA) ,
HECM ,
Home Equity ,
Homeowners ,
Lenders ,
Loan Repayment Issues ,
Loans ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Repayment Options
On December 15, 2022, the Federal Housing Administration (FHA) issued Mortgagee Letter 2022-23, establishing the COVID-19 Home Equity Conversion Mortgage (HECM) Property Charge Repayment Plan.
The COVID-19 HECM Property...more
On August 31, 2022, the U.S. Department of Housing and Urban Development (HUD) released Mortgagee Letter 2022-15 titled “Update to Home Equity Conversion Mortgage (HECM) Program Requirements for Notice of Due and Payable...more
On December 15, 2020, New York Governor Andrew Cuomo signed into law a bill that, among other things, requires reverse mortgage lenders in the state to notify the state’s Department of Financial Services (DFS) and mortgagors...more
The U.S. House of Representatives Financial Services Subcommittee on Housing, Community Development, and Insurance convened a hearing on September 25, 2019, to discuss the federal Home Equity Conversion Mortgage (HECM)...more
Mortgagees of Home Equity Conversion Mortgages (“HECMs,” more commonly known as reverse mortgages) obtained a significant victory in an important federal appellate court, which ruled last month that non-borrowing spouses are...more
10/15/2018
/ Borrowers ,
Contract Terms ,
Estate Planning ,
Foreclosure ,
HECM ,
Homeowners ,
HUD ,
Mortgage Lenders ,
Mortgages ,
Reverse Mortgages ,
Spouses ,
Surviving Spouse
Oregon’s legislature continues to add state level regulations to the Home Equity Conversion Mortgage (“HECM,” more commonly known as a reverse mortgage) marketplace. In 2015, the state imposed a series of content and...more
Last year, the Federal Housing Administration (FHA) released a set of proposed rules affecting Home Equity Conversion Mortgages (HECMs) for notice and comment. After receiving 83 comments and responses, the Department of...more
As part of a broader push to update its regulations regarding Home Equity Conversion Mortgages (HECMs, more commonly known as reverse mortgages), the Department of Housing and Urban Development (HUD published a Supplemental...more
On January 12, 2016, the U.S. Department of Housing and Urban Development (HUD) published its first Mortgagee Letter of the year, in which it again delayed the implementation of the sweeping changes related to Home Equity...more
The Department of Housing and Urban Development (HUD) continues to grapple with how mortgagees and servicers of Home Equity Conversion Mortgages (HECMs), commonly known as reverse mortgages, should proceed where a spouse that...more
For the past year and a half, mortgagees of FHA-insured Home Equity Conversion Mortgages (“HECMs”), commonly referred to as reverse mortgages, have had to grapple with issues related to the foreclosure of homes occupied by...more