New Financial Assessment Date, Reverse Mortgage Program On Track

ReverseFocusReverse Focus Weekly Podcast Episode #351

The Department of Housing and Urban Development (HUD) last week set a new implementation date for the reverse mortgage Financial Assessment after delaying the rule earlier last month, discusses Shannon Hicks in this week’s Reverse Focus podcast. The new effective date for the long-awaited Financial Assessment is now April 27, 2015 for FHA case numbers assigned on or after that date.

Changes in recent years to the Home Equity Conversion Mortgage (HECM) program have put it on the “right track,” said one housing leader last week to Congress. As a result of these changes, the independent actuary reports that the next five years of reverse mortgages will be profitable for the Federal Housing Administration.

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Also discussed, the pace of home price appreciation may be losing steam as prices nationwide only edged up slightly in December, according to the most recent data from S&P Case-Shiller. With just nine cities reporting monthly increases in values, some are asking: is the housing recovery losing steam?

In Reverse Focus’ last story, Hicks sheds some spotlight on Urban Financial of America, which just recently improved the loan to value ratio on its proprietary HomeSafe jumbo reverse mortgage product. The improvement, which applies across the board for all ages, will be available beginning March 15.

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Talking Points:

  • HUD announces new Financial Assessment date.
  • Housing leader to Congress: HECM program “on the right track.”
  • Report says housing recovery is stalling
  • Urban improves lending ratio for HomeSafe jumbo product

Listen now. “Reverse Focus is the ultimate resource for reverse mortgage professionals providing the technology, training and marketing to grow your business. We are your one-stop resource for those committed to taking their business to the next level.”

Editor’s Note: These posts are sponsored by Reverse Focus.

Written by Jason Oliva