Friday Round-Up: FHA Changes Coming this Month, Seniors Wary of LTC Insurance

In case you missed it…here’s what happened in reverse mortgage news this week:

FHA program changes expected to arrive this month. A HUD representative tells RMD to expect program changes to arrive in a mortgagee letter by the end of the month. Their impact on applications and case number assignments remains to be seen.

…but do not seem threatening for 2013. Despite the elimination of HUD’s most popular product, industry members feel that overall outlook is strong for the market. Read more about the industry’s thoughts for 2013.

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Lender acquisition activity put on hold amid upcoming product changes. Acquisition activity from last year might have given new life to the market, but future deals rest on pending changes coming from HUD.

New servicing rules extend greater foreclosure assistance to borrowers. The new rules grant borrowers 120 days of delinquency before servicers can commence a foreclosure.

Costs of long term care insurance push seniors away. A study reveals that high costs have caused seniors to shy away from LTC insurance as a retirement asset.

Written by Jason Oliva

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