¿Cómo te afectan los cambios que se avecinan en el HUD?

El Departamento Federal de Vivienda y Desarrollo Urbano (HUD, en inglés) anunció cambios que van a afectar a las personas mayores que buscan conseguir una hipoteca revertida del programa Home Equity Conversion (HECM, en inglés). Las llamadas hipotecas revertidas – “reverse mortgages” – permiten a los propietarios de 62 años o más pedir un préstamo con el aval de su casa. El programa ha tenido bastante aceptación, y según el diario Chicago Tribune la edad de los usuarios ha bajado …

Six Ways to Improve the HECM Reverse Mortgage Program

At a recent Senate hearing on reverse mortgages, AARP testified and suggested recommendations for improving the Home Equity Conversion Mortgage (HECM) reverse mortgage program.  These changes would enhance consumer protections and increase the fiscal stability of the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund.     1.    Implement changes to strengthen the HECM program including: financial assessments, tax and insurance set-asides, and limitation of upfront draws for certain purposes though public rulemaking. Changes are needed to enhance the HECM program’s long-term …

HECM Program Changes: An Emergency or an Excuse?

Changes are likely coming to the Federal Housing Administration’s (FHA) Home Equity Conversion Mortgage (HECM) reverse mortgage program. Proposed changes include the long-awaited and first-ever financial assessment of potential borrowers. At a recent reverse mortgage industry event, an official from the U.S. Department of Housing and Urban Development (HUD) referred to this change as a “financial and credit assessment.” So, it appears that HUD may be considering credit scores in determining whether the HECM is a viable option for a …