HUD Makes Reverse Mortgages a Little Less Attractive

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HUD Makes Reverse Mortgages a Little Less Attractive – Legacy Estate & Elder Law of Louisiana, LLC The Department of Housing and Urban Development has announced changes to the federal reverse mortgage program that will raise reverse mortgage fees for some borrowers and lower the amount homeowners can borrow.

Citing the need to put the program on better financial footing, HUD will raise reverse mortgage fees for some borrowers and lower the amount homeowners can borrow. A reverse mortgage allows a homeowner who is at least 62 years old to use the equity in his or her home to obtain a loan that does not have to be repaid until the homeowner moves, sells, or dies.

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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT HOUSING FHA–GENERAL AND special risk insurance. insurance Fund insures reverse mortgages for elderly homeowners allowing them to draw on the. makes it possible for communities to fix up the homes and put them to.

A reverse mortgage can be an attractive option. and must be worth less than $625,000. You must not be delinquent on any federal debt. You are required to complete a consumer information session.

Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender.

HUD Makes Reverse Mortgages a Little Less Attractive – Lavelle & Finn, LLP news The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program.

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HUD Makes Reverse Mortgages A Little Less Attractive The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program. Citing the need to put the program on better financial footing, HUD will raise reverse mortgage fees for some borrowers and lower the amount homeowners can borrow.