FHA Reverse Mortgage Training

FHA Reverse Mortgage Training

Reverse Mortgage Changes Necessitate New Training for Lenders In April of 2013 the Federal Housing Administration (FHA) suspended the most popular payout method of the HECM Standard. Lending institutions only had a few months to prepare for this change but most professionals believe that, in the long run, the HECM (Home Equity Conversion Mortgage) will be strengthened, although proper staff training will be essential to ensure that the lenders can adequately market the more limited …

FHA reverse mortgage home conditions Standards

FHA reverse mortgage home conditions Standards

September 24th, 2013 | by Alyssa Gerace Published in , , | The housing market bust correlated strongly with a sharp decline in reverse mortgage origination, but with the federally-insured program set to undergo substantial changes, the product could experience a rebirth, says a recent Bankrate . Reverse mortgage volume increased significantly during the height of the housing market bubble and were touted as a way for retirees to convert their home equity into cash. However, as …

FHA Reverse Mortgage Requirements

FHA Reverse Mortgage Requirements

The Home Equity Conversion Mortgage (HECM) is FHA s reverse mortgage program, which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement Social Security, meet unexpected medical expenses, make home improvements and more. You can receive additional free information about reverse mortgages in general by contacting the National Council on Aging at (800) 510-0301 …

New FHA reverse mortgage rules

New FHA reverse mortgage rules

The Department of Housing and Urban Development has tightened the requirements on reverse mortgage loans backed the Federal Housing Administration to help to strengthen the financial stability of the program. The FHA will reduce the amount of equity that homeowners can access when they get a reverse mortgage and limit the amount of money they can take out during the first year. Reverse mortgages allow homeowners 62 years or older to get a loan backed the equity in their home without …

FHA Reverse Mortgage Appraisal Guidelines

FHA Reverse Mortgage Appraisal Guidelines

FHA requires an interior and exterior inspection for HECM loans. Among its many insurance programs, the Federal Housing Administration offers a reverse mortgage known as the Home Equity Conversion Mortgage. HECM allows senior citizens to access their paid-off, or nearly-paid, home s equity. Borrowers can supplement their income with installment payments from the lender, or collect a lump sum. The senior makes no repayment on the HECM loan until he stops living in the home. An …

FHA Loans Home Improvement

FHA Loans Home Improvement

Author: Ricky Lim Source: articlesbase.com FHA Home Improvement, home improvement loan , Loan facilitate, , customers to buy the house they want by providing the money they need to do so. In short, the loan lenders offer their clients sometimes can extend the value of homes is why more and more people are signing up for FHA applications. But before you get a FHA housing must meet the requirements. was paid. Someone who is buying the property extending to six months after the …

FHA reverse mortgage inspection

FHA reverse mortgage inspection

FHA inspectors look to see if a home is safe and habitable for occupants. With an FHA mortgage, there are several property conditions that must be met in order to have loan approval. Properties chosen by borrowers seeking an FHA loan undergo an inspection to determine the condition of the property and make sure it meets the health and safety standards set forth by the Federal Housing Authority (FHA). It ensures that the home is habitable and safe to be occupied. The inspection …

FHA name for Reverse mortgage

FHA name for Reverse mortgage

Home > > Seniors to Find Reverse Mortgages Less Appealing with New FHA Rules The Federal Housing Administration or the FHA has brought about new rules on reverse mortgage. Most importantly, it has brought about some pertinent changes which holds a lot for seniors. In fact, reports have it that retirement just go harder. This is mostly because of the fact that reverse mortgages now become less attractive. The new regulations are supposed to come into effect from September …

FHA Reverse Mortgage case numbers

FHA Reverse Mortgage case numbers

HUD for the second time in two years has been forced to reduce the proceeds that borrowers receive in the FHA insured reverse mortgage program. These changes to the proceeds are necessary to ensure that the program is sustainable. October 4, 2010, the principal limits (gross proceeds) for the FHA reverse mortgage programs will decrease approximately between 1% and 5%. The changes will have less of an impact on younger borrowers whereas the older borrowers will see a bigger reduction …

FHA reverse mortgage insurance premium

FHA reverse mortgage insurance premium

If you haven’t heard, FHA announced on February 14th that it is raising the annual mortgage insurance premiums , also known as the FHA monthly mortgage insurance. These changes are mentioned in Mortgagee Letter 11-10 and become effective on or after . The new change is 25 bps more. I have already heard that some of you think this will hurt the housing market and our economic recovery. Why the changes? HUD wants to strengthen the FHA’s Mutual Mortgage Insurance Fund, known as the …