The wait for the US Department of Housing and Urban Development to issue guidelines for the of HECM’s for co-ops continues and consumers have started a petition to drum up support.
The OC Register is reporting that roughly 30 residents gathered to learn about how they could receive a HECM for their co-opes in Laguna Woods Village, CA.
Despite the Housing and Economic Recovery Act of 2008 including a provision for co-op owners to get a reverse mortgage, lenders and borrowers continue to wait for HUD to issue guidelines before they can start offering them. “The best guess ETA on this is three to six months,” said Esther Yamashiro, a representative from HUD in Santa Ana.
About 25 residents signed a petition for HUD Secretary Shaun Donovan asking the agency to immediately offer reverse mortgages for co-op owners.
To learn more about the petition and to sign up, check out the article.
The woman behind the petition provided us a copy, you can see it here.