Comments on: Life After Fannie Mae for Reverse Mortgages http://reversemortgagedaily.com/2009/12/08/life-after-fannie-mae-for-reverse-mortgages/ Reverse Mortgage News and Information Sat, 26 May 2012 06:42:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Anonymous http://reversemortgagedaily.com/2009/12/08/life-after-fannie-mae-for-reverse-mortgages/comment-page-1/#comment-39003 Anonymous Wed, 09 Dec 2009 16:39:00 +0000 http://reversemortgagedaily.com/2009/12/08/life-after-fannie-mae-for-reverse-mortgages/#comment-39003 I've never understood how COOPs ever qualified for the HECM product, since they don't meet the basic requirements. Seems like that should be a proprietary product. I’ve never understood how COOPs ever qualified for the HECM product, since they don’t meet the basic requirements. Seems like that should be a proprietary product.

]]> By: iluvrms http://reversemortgagedaily.com/2009/12/08/life-after-fannie-mae-for-reverse-mortgages/comment-page-1/#comment-34980 iluvrms Wed, 09 Dec 2009 14:39:29 +0000 http://reversemortgagedaily.com/2009/12/08/life-after-fannie-mae-for-reverse-mortgages/#comment-34980 I've never understood how COOPs ever qualified for the HECM product, since they don't meet the basic requirements. Seems like that should be a proprietary product. I've never understood how COOPs ever qualified for the HECM product, since they don't meet the basic requirements. Seems like that should be a proprietary product.

]]> By: The_Cynic http://reversemortgagedaily.com/2009/12/08/life-after-fannie-mae-for-reverse-mortgages/comment-page-1/#comment-34960 The_Cynic Tue, 08 Dec 2009 17:28:35 +0000 http://reversemortgagedaily.com/2009/12/08/life-after-fannie-mae-for-reverse-mortgages/#comment-34960 Again, I hope legislative efforts are made to allow Fannie Mae to continue acquiring HECMs without restriction. With the assignment feature of HECMs, no one investor is required to hold onto HECMs for a long period of time except perhaps HUD.<br><br>One big question yet to be addressed is which lenders will be willing to provide HECMs for coops. Further who will purchase these loans in the secondary market? Since the ownership is not real property but rather personal property, generally corporate stock, there are many questions yet to be answered about this product.<br><br>FHA implementation is just the start. It could be that the number of lenders is very, very limited. The question will be, will there be fixed rate HECMs offered for coops and, if not, will margins be higher for coops than other types of properties?<br><br>Of all the types of properties that this industry has absorbed, this will be the most interesting. Again, I hope legislative efforts are made to allow Fannie Mae to continue acquiring HECMs without restriction. With the assignment feature of HECMs, no one investor is required to hold onto HECMs for a long period of time except perhaps HUD.

One big question yet to be addressed is which lenders will be willing to provide HECMs for coops. Further who will purchase these loans in the secondary market? Since the ownership is not real property but rather personal property, generally corporate stock, there are many questions yet to be answered about this product.

FHA implementation is just the start. It could be that the number of lenders is very, very limited. The question will be, will there be fixed rate HECMs offered for coops and, if not, will margins be higher for coops than other types of properties?

Of all the types of properties that this industry has absorbed, this will be the most interesting.

]]>