FHA

FHA has updated their reverse mortgage or HECM requirements to protect the residential rights of a non-borrowing spouse. If you are interested in a quick update, please comment below.

Related Article Title: FHA Mortgagee Letter 2019-15 – Updates to Mortgagee Optional Election (MOE) Assignment for Home Equity Conversion Mortgages (HECMs) with FHA case numbers assigned prior to August 4, 2014 – Dated September 23, 2019 Written by: Tracey Rumsey, Staff Writer Although this update is more investor or servicer oriented, there are a couple [...]

2019-10-10T09:02:20-05:00October 10th, 2019|FHA, Social Media Posts|

Did you know that you can get a reverse mortgage on a condo? This may be a great option to explore as you plan your retirement or look for additional income sources during retirement. Contact me and we can go through the details of the program.

Related Article Title: FHA Mortgagee Letter 2019-17- Home Equity Conversion Mortgage (HECM) Program – Condominium Requirements – Dated September 27, 2019 Written by: Tracey Rumsey, Staff Writer Those of you that work with reverse mortgages need to read through this important update along with previously written information on this subject which is linked in supporting [...]

2019-10-10T08:59:11-05:00October 10th, 2019|FHA, Social Media Posts|

FHA Mortgagee Letter 2019-17- Home Equity Conversion Mortgage (HECM) Program – Condominium Requirements – Dated September 27, 2019

Written by: Tracey Rumsey, Staff Writer Those of you that work with reverse mortgages need to read through this important update along with previously written information on this subject which is linked in supporting resources. Rule Synopsis: Effective October 15, 2019 FHA will insure HECM loans on condominium loans provided: the lender ensures the HECM [...]

2019-10-09T12:53:07-05:00October 10th, 2019|

FHA Mortgagee Letter 2019-15 – Updates to Mortgagee Optional Election (MOE) Assignment for Home Equity Conversion Mortgages (HECMs) with FHA case numbers assigned prior to August 4, 2014 – Dated September 23, 2019

Written by: Tracey Rumsey, Staff Writer Although this update is more investor or servicer oriented, there are a couple of important take-aways for those of you that originate HECM loans. Rule Synopsis: Effective for HECM case numbers assigned prior to August 4, 2014 the Mortgagee Optional Election Assignment (MOE) for HECMs is updated as follows: [...]

2019-10-09T13:02:20-05:00October 10th, 2019|

FHA Requirements for Demonstrating Union Income History

Question: My borrower is a union apprentice and has been employed for over a year. He does not work for the union, but they place him at companies and the companies pay him. Prior to working with the union, he was in school and held random part-time jobs.  Does he need 2 years of union [...]

2019-09-25T09:15:43-05:00September 25th, 2019|