Tag: Reverse Mortgage

FHA HECM-Reverse Mortgage Updates – Moratorium Extension – HECM Fraud

Written by: Melinda Hipp, Staff Writer HECM Updates & Interpretation:FHA Extends Exterior Appraisals to October 31 – Extends Foreclosure Moratorium Until Year End The Department of Housing and Urban Development announced the re-extension of exterior-only appraisals for case numbers on HECM’s (Reverse Mortgages) assigned on or before October 31, 2020. Details were provided in Mortgagee Letter […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

FHA HECM-Reverse Mortgage Updates for August

Written by: Melinda Hipp, Staff Writer Each month our HECM expert brings you the latest updates for FHA-HECM loans.  If this is an area of interest for you, make sure that you stay up to date with the changes by reading this article. Rule Synopsis: HUD issued mortgage letter 2020-24 Temporary guidance for case numbers […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

FHA HECM Updates – NY Licensing – Appraisals – CFPB Exams

Written by: Melinda Hipp, Staff Writer Following are the FHA HECM updates for June.  If you work with reverse mortgages, this is a must-read update! Updates: The New York Department of Financial Services (DFS) published new NMLS licensing guidelines for New York State licensed mortgage bankers seeking to originate Home Equity Conversion Mortgages (HECMs) and proprietary reverse […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

FHA HECM-Reverse Mortgage Updates – COVID19 and SWAP Rate

Written by: Melinda Hipp, Staff Writer Big things are happening in Reverse Mortgage world.  It sounds like there are some massive nuggets of opportunity in this update! Rule Synopsis: The last 8-12 weeks have been a crazy time, both for the world, the USA and for the mortgage industry.  This includes the specialized Reverse Mortgage […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Are Reserves Required on Reverse Mortgages?

Question: I have a 3-Unit Reverse Mortgage and am being asked to provide reserves.  Is this required by FHA? Answer: Per the HECM Guidelines and Financial Assessment Guide, there are NO listed requirements for reserves on any, one-four family units when underwriting a HECM.   On a regular FORWARD mortgage, yes, that would be a HUD guideline […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Scroll to Top