Home >> Tag Archives: Reverse Mortgages

Tag Archives: Reverse Mortgages

Reverse Mortgages Will Soon be Tougher to Get

By 2013, the FHA‒‒the nation’s largest insurer of reverse mortgages‒‒received it’s first-ever bailout of $1.7 billion. At the same time, HECM defaults started to rise. By the middle of 2013, more than a half-million HECMs remained outstanding and the default rate hovered around 10 percent.

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FHA Releases Guidance on HECM Advertising

HUD issued a new Mortgagee Letter warning lenders participating in the FHA's reverse mortgage program against using deceptive advertising regarding the program. FHA Commissioner Carol Galante explained the guidance "is intended to make sure lenders know we're keeping a watchful eye on their marketing and advertising practices that might steer borrowers toward reverse mortgage options that limit their available choices."

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