New Date Set for Financial Assessment

HUD announced on February 26, 2015 that the Financial Assessment guideline will now take effect on April 27, 2015.  HUD issued Mortgagee Letter 2015-06 confirming that Financial Assessment will be effective for all case numbers issued on or after April 27, 2015.  Click here  to read the entire mortgagee letter.

Urban Makes Changes to HomeSafe Jumbo Reverse Mortgage

Urban Financial of America has announced changes to its HomeSafe program.  The program has expanded to include availability to an additional state (Illinois) and has improved its loan-to-value ratio.  At the moment, the HomeSafe program is also available to the following states:  California, Florida, Hawaii, New Jersey, Texas, Colorado, Arizona.  This program was created for higher valued properties as well as non-FHA approved condos, in which the HECM program does not allow.

Reverse Mortgages Mandatory for Some Australians?

A recent report released by Per Capita states that a reverse mortgage should be mandatory for certain Australians who need care later in life.  Australia is experiencing their own need for increased senior care due to a growing aging population, similarly to the United States.  The report titled, "The Head, The Heart and The House," provides an overall examination of Australia's housing policies as it relates to seniors.  Click here to read the full report.

Financial Assistance for CA Seniors with Reverse Mortgages

There is a new program in California for low - and moderate-income seniors that will provide them assistance to help avoid foreclosure.  The Reverse Mortgage Assistance Pilot Program, organized by Keep Your Home California, will help eligible seniors with delinquent property taxes and homeowner's insurance expenses.  It is expected to benefit around 1,400 homeowners who have a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage.  Read more about the new program here.

FHA Delays Reverse Mortgage Financial Assessment Date

The Federal Housing Administration (FHA) just announced that they will delay implementing the reverse mortgage financial assessment guideline that was set to become effective in less than three weeks.  FHA is citing technical difficulties as the reason and expects the new effective date to be within 30 to 60 days of the previous March 2nd target date.  FHA announced on Feb. 12th that they will be publishing a new Mortgagee Letter that will outline the new date at which point the financial assessment will turn mandatory.  Stay tuned and visit www.reversemortgagebenefit.com for more information.

HUD Budget Shows Reverse Mortgage Program Back on Track

The Federal Government believes FHA and the reverse mortgage program have regained some financial footing. The agency is requesting an increase of nearly $4 billion over current funding levels showing their continued support towards the program.  Read more here.