In case you missed it… here’s what happened in reverse mortgage news this week.
New Rules Mean More Counseling Costs For Reverse Mortgage Borrowers — The upcoming Financial Assessment is placing pressure on reverse mortgage counseling agencies as they prepare for increasing demand for services and longer counseling sessions. And the cost could fall on seniors, industry experts say.
HUD Budget Shows Reverse Mortgage Program Back on Track — The White House budget proposal includes a $4 billion increase in funding levels for the Department of Housing and Urban Development (HUD). The administration projects positive cash flow from the reverse mortgage program in the coming fiscal year, and the budget is generally optimistic about the financial status of the Federal Housing Administration.
HUD Seeks Reverse Mortgage Non-Borrowing Spouse Revisions — The Department of Housing and Urban Development (HUD) has requested a change in the Home Equity Conversion Mortgage statute, which would give the HUD secretary more discretion on non-borrowing spouse cases. The request came as part of the HUD 2016 budget request.
Reverse Mortgage Interest Surges, Could Double as March 2 Approaches — Interest in reverse mortgages is spiking prior to the implementation of the Financial Assessment on March 2. January saw a large increase in counseling sessions, and some experts say loan volume could reach historic levels.
Reverse Mortgage Volume Flat as Financial Assessment Looms — The year began modestly for reverse mortgage volume, with Home Equity Conversion Mortgage endorsements up 0.1% in January from December. But the Financial Assessment coming in March still could drive growth, experts point out.
Written by Tim Mullaney