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New Development from HUD on HECM Reverse Mortgages

Just last week, HUD announced positive changes to the principle limit factors that govern home equity access levels for eligible homeowners.  While younger homeowners in their sixties may not see much benefit in the form of increased eligibility, the real positive impact will be realized by the older demographics.  Older homeowners will have access to increased levels of home equity.  The older you are, the more you will benefit from these changes. Although this will not reverse the punitive changes and restrictions placed on the program in late 2013, it is deemed a step in the right direction.  It will allow many otherwise ineligible homeowners to be above the threshold so they have adequate eligibility to pay off their forward mortgages and supplement their retirement income.  These changes, along with some other positive developments to protect homeowners, will take effect on August 4th, 2014.
 

George H. Omilan

President-CEO

NMLS# 873983

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