More perspectives about appraisal challenges are shared with RMD by reverse mortgage professionals, including regional appraisal issues regarding second appraisals.
Category: FHA
A counseling professional describes how important new funding from HUD will be in increasing capacity, and allowing reverse mortgage borrower more options to avoid default.
HUD announced that it will be holding a competitive-bid HUD-held vacant note sale on November 10, which is made up entirely of properties which were secured by reverse mortgages in which the borrower has passed away with no heir to claim the note.
HUD has announced the availability of $51 million in housing counseling funds, and specifically cites an effort to address reverse mortgage foreclosures through this action.
FHA has announced that reverse mortgage appraisals can now be submitted through its “Catalyst” software, as well as mandatory transition dates for Catalyst submissions on the forward and reverse sides.
The White House on Monday announced several new nominations including for two key positions at HUD, one of which has not had a permanent head since 2017.
In light of recent difficulties combining the economic impact of the pandemic with extreme weather events, FHA has highlighted relief options for reverse mortgage borrowers who have been affected by one or both of these factors.
FHA has issued two new waivers this week for the reverse mortgage program, citing the ongoing need to assist borrowers disrupted by the COVID-19 pandemic.
The HUD Secretary and the AARP CEO sit down for a conversation specifically about seniors, talking about why aging in place is an increasingly attractive option but without mentioning reverse mortgages.
HUD and FHFA have entered into a first-of-its-kind memorandum of understanding to advance the enforcement of fair housing practices, a priority for the Joe Biden administration.
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