Mortgage Blog

Program Losses Spur Government Changes

U.S. Department of Housing and Urban Development (HUD) announced Tuesday, August. 29, it will raise up-front fees and tighten limits for the HECM Reverse Mortgage program to avoid having to dip into the U.S. Treasury to cover troubled borrowers. These means radical changes to the HECM Reverse Mortgage program in the very short term.  I do not believe the loss estimates that are being made public.  This would imply that the program is being run inefficiently.  Huge losses would also not be revealed overnight.  There would have been indications.  For this reason, I belie...

September 6th, 2017 | Eligibility for Reverse Mortgage, HECM Reverse Mortgage, Seniors, Reverse Mortgage, HUD, Program Losses Spur Government Changes

HUD Counseling Examined

For every story of someone that got hurt with a bad mortgage in the housing crisis it sure would be nice to hear a good story.  We all know that regulation and re-regulation has been a boon for the people that grow trees and make paper.  The big question is do people read and understand all of the disclosures that the regulators require with the purpose of protecting mortgage applicants.  The answer is NO!  There is no way to comprehend everything that is put in front of you when applying and ultimately closing on a mortgage.  It is overwhelming. If you don’t sig...

September 6th, 2014 | Retirement Planning, Reverse Mortgage, supplemental retirement income, HECM Reverse Mortgage, HUD, HUD Counseling Examined

Reverse Mortgage Non-Borrowing Spouse Risk - New Government Remedy

Due to litigation pressure and loud voices of non-borrowing spouses that have abruptly found themselves without a home upon the passing of the borrowing spouse, the government has attempted to unravel the complexity of this issue, thereby removing risk for the surviving spouse. Until the new rules take effect August 4th 2014, a non-borrowing spouse, defined as someone younger than 62 years of age, must be removed from the deed and cannot be on the mortgage.  When the borrowing spouse dies, the loan comes due and the benefits cease leaving the non-borrowing spouse in a very bad predicam...

July 25th, 2014 | HECM Reverse Mortgage, HUD, Reverse Mortgage, supplemental retirement income, Retirement Planning, Reverse Mortgage Non-Borrowing Spouse Risk - New Government Remedy

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 ...

July 9th, 2014 | Reverse Mortgage, Retirement Planning, Government insured mortgage, HECM Reverse Mortgage, HUD, home equity access, New Development from HUD on HECM Reverse Mortgages

Important Changes on the Horizon for Reverse Mortgages

FHA and The Department of HUD have been authorized by congress to improve the HECM Reverse Mortgage Program. The legislation passed by both the House and the Senate authorizes HUD to improve the program, based on past assessments, so that it better serves the needs of the borrower. In my opinion, there is always room for safeguards to be added to the current Reverse program to protect the consumer. However, when we look at the proposed changes below, as noted in a recent July publication by NRMLA, we must ask if the proposed changes may become too restrictive and end up self defe...

September 2nd, 2013 | Reverse Mortgage, HECM Reverse Mortgage, supplemental retirement income, FHA, HUD, Important Changes on the Horizon for Reverse Mortgages

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Jefferson Mortgage Group LLC

2536 Leeds Rd.
Oakton, Virginia 22124
703-319-2198
FAX: 703-773-6946
info@jeffersonmortgage.com
NMLS: 935554

Located in Fairfax County, Virginia. Serving all of Virginia, Maryland, DC & Pennsylvania. 

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Jefferson Mortgage Group LLC is licensed in Virginia, Maryland, DC & Pennslvania.
Virginia State Corporation Commission License Number MC-5659 and the Pennsylvania Department of Banking & Securities #46259 
The DC Department of Insurance, Securities, and Banking License #MLB935554
Maryland DLLR License #21586

An Equal Housing Lender

By refinancing the consumer's existing loan, the consumer's total finance charges may be higher over the life of the loan.

This material is not from HUD or FHA and has not been approved by HUD or any government agency.