HUD Makes Reverse Mortgages a Little Less Attractive

A number of recent articles stated that the government’s new reverse mortgage changes (Mortgagee Letter 2017-12) will make the program less attractive to borrowers. Unfortunately, most people know.

HUD Makes Reverse Mortgages a Little Less Attractive 6 Sep, 2017 in Elder Law by Lavelle & Finn The Department of Housing and urban development (hud) has announced changes to the federal reverse mortgage program.

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.

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Just yesterday I received a call from a borrower for whom I closed a reverse mortgage a little less than a year ago who. in interest rates would net the borrower $32,000 less in proceeds. HUD may.

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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.

HUD makes reverse mortgages less attractive The Department of Housing and Urban Development (HUD) has made changes to the federal reverse mortgage program. Citing the need to put the program on better financial footing, HUD has raised reverse mortgage fees for some borrowers and lowered the amount homeowners can borrow.

HUD Makes Reverse Mortgages a Little Less Attractive 6 Sep, 2017 in Elder Law by Lavelle & Finn The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program.

A reverse mortgage is suited for older homeowners who have lots of equity built up in their home, but little. www.hud.gov or by calling 800-569-4287. Check out the National Council on Aging’s.

HUD Makes Reverse Mortgages a Little Less Attractive. In addition, HUD is lowering the amount that homeowners can borrow. The average borrower at current interest rates will be able to borrow only around 58 percent of the value of their home, down from 64 percent. The changes are set to go into effect on October 2, 2017.

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