In case you missed it…here’s what happened in reverse mortgage news this week:
HUD clarified new reverse mortgage changes. During a reverse mortgage industry teleconference, the Department of Housing and Urban Development (HUD) discussed new changes to the Home Equity Conversion Mortgage Program.
Opportunity is the biggest challenge in new program changes. Professionals at a Texas Mortgage Bankers Association event this week say its critical for the industry to adapt to new reverse mortgage changes.
AARP weighed in on reverse mortgage changes, too. While the program changes are likely to bar access to many borrowers, AARP says the changes will improve the HECM program in the long run.
Lenders say changes are a mixed bag. Despite uncertainties, some reverse lenders see a silver lining in new program changes.
Written by Jason Oliva