FHA reverse mortgage counseling documents

To all reverse mortgage

As a housing counselor, you may be seeing an increasing number of older clients considering a reverse mortgage as a way to stay in their homes and remain financially independent.

The counseling sessions you must conduct with clients who are interested in federally-insured Home Equity Conversion Mortgages (HECMs) and some proprietary mortgages from private lenders offer a great opportunity to help spot fraud. While you’re explaining reverse mortgage costs and benefits, as well as the financial implications and alternatives, the Federal Trade Commission (FTC), the nation’s consumer protection agency, asks that you look and listen for false and misleading claims related to reverse mortgage offers, and report them to the appropriate authorities.

Some unscrupulous lenders may try to mislead people about the key features of a reverse mortgage. Others may claim they’re part of the federal government when they’re not, or give the false impression that the reverse mortgage is an entitlement rather than a loan the client must repay. Some companies may pressure homeowners to use the proceeds from a reverse mortgage to buy financial products, like annuities, that may be unnecessary or unsuitable for them. Still other companies may try to persuade homeowners that a reverse mortgage would be an easy way to pay for home repairs or a vacation when a different type of loan may be a better option.

How to Spot Deceptive Claims and Practices


Higher rates = Higher Home prices?

2011-08-23 15:15:52 by irvinerealtor

The Federal Housing Administration (FHA) will reduce single-family loan limits in the highest-cost metropolitan areas from $729,750 to $625,500 starting Oct. 1. The reduction, announced Friday afternoon, will affect 669 of the 3,234 jurisdictions in which the FHA insures loans.
The current floor loan limit in areas where housing costs are relatively low will remain unchanged, at $271,050 for one-unit properties. The mortgage loan limit and maximum claim amount for FHA-insured reverse mortgages will also remain unchanged, at $625,500.
The current maximum loan limits were to be retired in January 2009, but legislation delayed implementation of the loan-limit...

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FHA's 2014 Loan Limits to Change in Nearly 650 US Counties  — National Mortgage Professional Magazine
The changes announced today are effective for case number assignments between Jan. 1, 2014, and Dec. 31, 2014. “As the housing market continues its recovery, it is important for FHA to ..

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