The Florida Housing Finance announced that $25 million of its Hardest-Hit Fund to help prevent foreclosures among seniors with reverse mortgages. The money is part of Florida's 1 billion dollar program to prevent foreclosures.
New Reverse Mortgage Rules Might Actually Help Borrowers
Published
Even though new limits on reverse mortgages are reducing the amount of money a borrower can take out, there are more safeguards in place to prevent misuse of funds writes Alicia Munnell in a Market Watch column this past week.
U.S. seniors rush to lock in reverse mortgages before rules change
Published
Seniors are rushing to lock in reverse mortgages before new rules that will reduce the borrowing amount available on a reverse mortgage loan as well as increase insurance premiums.
Housing Commission Report: Reverse Mortgages Must Remain Available
Published
The house passed on an initial voice vote that will limit the initial draw amount on a reverse mortgage and require escrow accounts for taxes and insurance. Almost 1 in 10 reverse mortgages face foreclosure because of taxes and insurance not being paid.
Housing Commission Report: Reverse Mortgages Must Remain Available
Published
A recent report released by a commission of housing experts makes a case for reverse mortgages along with other alternatives to be available for those who are informed about what they are getting into.
AARP Lawsuit Brought Back
Published
An AARP lawsuit involving the Department of Housing and Urban Development regarding senior reverse mortgage loans with spouses who are not on the loan is been brought back by appeal after the Washington D.C. District Court dismissed it.
Reverse Mortgage Changes Coming
Published
The Federal Housing Administration (FHA) announced that they will make major changes to their reverse mortgage product/home equity conversion mortgage (HECM) as a result of determining that they are over $3 billion in the hole due to the housing crash. Details will be released in the upcoming months, but many expect the government to require borrowers to set aside money towards property taxes and home insurance. [For More]
