Tag - reverse mortgage changes

Major Changes to the Reverse Mortgage Program

On October 2, 2017, major changes to the reverse mortgage program came down the pike. Here's what you need to know. What is it? HECM, or Home Equity Conversion Mortgage, also known as a reverse mortgage, underwent some changes this year as the MBA (Mortgage Bankers Association) President supports a call to remove reverse mortgages from MMI (Mutual Mortgage Insurance) Fund and joining HUD (the Department of Housing and Urban Development. This would allow lawmakers to develop more long-term solutions to the HECM issues and current problems. This is also designed to protect borrowers as well as the FHA from major losses. Reverse [...]

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