FHA Extends Reverse Mortgage Foreclosure Timeline in Puerto Rico

Homeowners with federally backed reverse mortgages in in hurricane-ravaged areas received a foreclosure reprieve from the government Monday. The Federal Housing Administration extended the foreclosure timeline for Home Equity Conversion Mortgages in Puerto Rico and the U.S. Virgin Islands through May 18. The moratorium applies to properties in regions identified as Presidentially Declared Major Disaster […]

HUD Pledges Fiscal Responsibility, System Upgrades

Amid an ongoing public controversy over its leader’s spending, the Department of Housing and Urban Development on Thursday announced a major push toward greater financial responsibility. Newly appointed HUD chief financial officer Irving Dennis said the initiative will take three to five years, and include greater oversight of department spending and improved fiscal reporting — […]

HUD Responds to Reverse Mortgage Non-Borrowing Spouse Statistics

One day after a pair of non-profit groups released a report sounding an alarm about reverse mortgage-related foreclosures, the Department of Housing and Urban Development has responded — and a spokesman claims that the groups’ interpretation wasn’t necessarily correct. “Based upon data we gave them, they put two and two together and get something other than four,” […]

Advocacy Groups Warn of HECM Foreclosure Frustration for Spouses

Nearly a quarter of non-borrowing spouses who sought assistance under reverse mortgage foreclosure rules were rejected, according to a report from a pair of homeowner advocacy groups. Of the 591 non-borrowing spouses who have sought help from the Department of Housing and Urban Development, 132 received denials, a new set of HUD data reveals. The […]

HUD to Sell Due and Payable Reverse Mortgage Loan Pools

The Department of Housing and Urban Development is marketing for sale multiple pools of reverse mortgage loans that were assigned to HUD and are currently being serviced by the department. In a press release last week, the agency specified that it will offer multiple residential pools on April 11, and that those pools consist of […]

How the ‘New’ Reverse Mortgage Stacks Up Against HELOCs

The Department of Housing and Urban Development’s latest changes to the reverse mortgage program have given rise to yet another “new” reverse mortgage — one with lower interest rates and ongoing insurance premiums that enable borrowers to preserve more of the equity in their homes. Some originators say the revised program amounts to a better […]

Turmoil At HUD Continues With Mission Statement Frenzy

On the heels of news coverage over pricey furniture ordered for the Department of Housing and Urban Development home office in Washington D.C., HUD made headlines again this week—this time over changes to the agency’s mission statement. Reports originating with a memo obtained by The Huffington Post surfaced Tuesday indicating that HUD Secretary Ben Carson was […]

FHA’s Penalties, Deadlines Lead to Steep Servicing Costs

Servicing a troubled Federal Housing Administration-backed loan costs three times as much as a loan from government-sponsored enterprises (GSEs) — largely due to the FHA’s steep penalties for any missteps during the process. Writing in a new report for the Urban Institute, a group of researchers claims that the FHA and Department of Housing and […]

Philadelphia Law Would Crack Down on Reverse Mortgage Foreclosures

A new bill before the Philadelphia city council would close a loophole that its author says unfairly targets reverse mortgage borrowers. The proposed legislation, introduced by Councilwoman Cherelle Parker, would prevent reverse mortgage lenders from foreclosing upon homes whose owners have entered into payment plans for back property taxes. “I know all too well the […]

Reverse Mortgage Must-Reads: New Software, Carson Investigation

In case you missed them the first time around, kick off your week with the biggest stories from the week that was in the world of reverse mortgages.  ReverseVision Founder to Launch New Reverse Mortgage Software Platform — Two of the people who were instrumental to the development and marketing of the ReverseVision software platform announced plans […]