The Department of Housing and Urban Development published new “fact sheets” for consumers and business professionals to learn about reverse mortgages.
Vicki Bott, Deputy Assistant Secretary for Single-Family Housing at HUD announced the release of the forms last week at the National Reverse Mortgage Lenders Association annual conference.
The industry fact sheet provides basic information about the HECM Saver’s required disclosures, max claim amount, premium, principal limit factor, expected average mortgage rate interest, rate floor and more.
The consumer fact sheet for the HECM Saver reads:
There are no additional eligibility requirements for HECM Saver; homeowners just need to meet existing HECM program requirements. HECM Saver is available for all HECM transaction types and payment plans. Additional information about HECM Saver can be obtained from a HUD-approved HECM Counselor or FHA-approved lender.