HUD announces changes to reverse mortgage program to lower taxpayer risk Most new borrowers will pay bigger premiums upfront but lower ones over the life of the loan, lessening the risk to taxpayers if seniors live longer than predicted.
Damning report finds state agencies wasted millions meant for struggling homeowners all 19 of the state housing finance agencies that participated in the Hardest Hit Fund collectively wasted $3 million on items like barbecues, steak and seafood dinners, gift cards, flowers, gym memberships, employee bonuses, litigation, celebrations, and cars, instead of using the money to help struggling borrowers.
The Block copycat renovations can turn bad and cost you more Figures by Jim’s Group building maintenance franchisees found about 25 per cent of work they do involves fixing problems created by property owners who have failed in their attempts at DIY repairs or renovations.
New Reverse Mortgage Rules Expected to Cut Volume, Margins While he admitted that the “ruthless” strategy — taking out a reverse mortgage line of credit and only cashing out when the available funds were worth more than the home itself — may be less appealing now, Lamparillo said the HECM credit line can still be useful in riding out down markets or unexpected expenses. In fact, the day before speaking with RMD, Lamparillo applied for counseling so h
Opinion | The reverse mortgage program is a boon to seniors
Opinion | The reverse mortgage program is a boon to seniorsIn response to concerns that borrowers were spending their money too quickly without preserving cash to pay for property taxes and insurance, the Department of Housing and Urban Development introduced new underwriting standards and sometimes sets aside loan proceeds to cover those costs over time.
Reverse Mortgages and Hurricanes: How to Handle a Natural Disaster Each time a natural disaster strikes, homes awaiting Federal Housing Administration loans — including those that have not closed or been endorsed — must undergo a special damage inspection to ensure that home remains safe and maintained.
Reverse Mortgage Researcher Pfau Weighs in on New HUD Regulations Because the new lending rules will result in slower growth for open-ended HECM lines of credit, Pfau said, consumers may find the more immediate uses for reverse mortgage proceeds more attractive, and the longer-term plays less so.