California Senator Issues Letter About New Reverse Mortgage Loan Limits

I’ve received dozens of emails from RMD readers asking about the status of the HECM loan limits but I haven’t had any updates.  Yesterday I was forwarded a letter that was mailed out by California Senator Barbara Boxer regarding the HECM loan limits (thanks Heather).  According to Senator Boxer, the HECM loan limit has been […]

HUD’s Neighborhood Watch Tool Helps Analyze Reverse Mortgage Data

Not sure if people were aware of this already, but I  stumbled across a nice tool that HUD provides called Neighborhood Watch.  According to HUD, Neighborhood Watch is intended to aid HUD/FHA staff in monitoring lenders and provide a tool to the public to help everyone in self-policing the mortgage industry. The system is designed […]

Fannie Mae Discontinues Home Keeper Reverse Mortgage Product

Today Fannie Mae announced that they would be discontinuing their Home Keeper reverse mortgage product.  With the Housing and Economic Recovery Act of 2008 being signed into law, there is no real need for the product.  Below is a copy of the announcement from FNMA.

Housing Bill Hopes To Prevent Reverse Mortgage Abuses Tied To Annuities

Investment News journalist Sara Hansard recently wrote about an Arizona woman who took out a reverse mortgage and used the proceeds to purchase other financial products recommended to her that didn’t need meet her income needs.  While a situation like this isn’t common, using a reverse mortgage to fund risky financial products continues to be […]

Reverse Mortgage Calculator With New FHA Loan Limits

As we wait for HUD’s attorneys to resolve whether or not the housing Bill creates a single nation loan limit at $417,000 or $625,500, wouldn’t it be nice to see what the new loan limits might offer borrowers?Ibis created a reverse mortgage calculator for RMD readers to see what borrowers might qualify for with both […]

Reverse Mortgage Appraisal Compliance Issues

Appraisal Scoop recently posted about the Most Common FHA Appraisal Report Compliance Issues and since I keep hearing about how HUD has plans to crack down on FHA lending compliance I thought I’d pass it along.  I also thought it was important because Anthony Blackburn of Apple Appraisal, Inc. was the one that compiled the […]

HUD Issues Guidance on HECM Fixed Counseling

As the fixed rate HECM has become more popular, HUD recently decided to issue guidance on the product that will require HECM counselors to highlight the risks related to fixed rate HECMs to borrowers during a counseling session.  They want to make sure clients understand the following risks and considerations when opting for a fixed […]

FHA Issues Clarification For Reverse Mortgage Advisor Program

On May 16, 2008, the U.S. Department of Housing and Urban Development published Mortgagee Letter 2008-14, which provides guidance on the role of “advisors” in the HECM program.  The only lender I’ve seen make any drastic changes to their advisor programs after ML-14 was released is Countrywide.  As of May 16th, Countrywide Reverse Mortgage Advisor […]