The Department of Housing and Urban Development (HUD) requires that seniors receive counseling before obtaining a Home Equity Conversion Mortgage (HECM), which is an FDA-insured reverse mortgage loan. A lender may not begin processing a loan application for a HECM until the potential borrower receives a certificate from his or her counseling session demonstrating that the person has completed the counseling. The certificate must be provided to the lender so the lender can send it to HUD with the loan application.

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The Department of Housing and Urban Development (HUD) requires that seniors receive counseling before obtaining a Home Equity Conversion Mortgage (HECM), which is an FDA-insured reverse mortgage loan. A lender may not begin processing a loan application for a HECM until the potential borrower receives a certificate from his or her counseling session demonstrating that the person has completed the counseling. The certificate must be provided to the lender so the lender can send it to HUD with the loan application.

(more…)

On October 4th, 2010 the Federal Housing Administration (FHA) will offer a new HECM Saver Reverse Mortgage that will reduce fees for may senior borrowers. The tradeoff with the HECM Saver reverse mortgage is that with the lower fees less money will be available to borrow.

(more…)

On October 4th, 2010 the Federal Housing Administration (FHA) will offer a new HECM Saver Reverse Mortgage that will reduce fees for may senior borrowers. The tradeoff with the HECM Saver reverse mortgage is that with the lower fees less money will be available to borrow.

(more…)

By AMY HOAK

Upfront fees on reverse mortgages have fallen substantially in recent months, giving homeowners interested in this product a new challenge: how to compare offers to find the best one.

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By AMY HOAK

Upfront fees on reverse mortgages have fallen substantially in recent months, giving homeowners interested in this product a new challenge: how to compare offers to find the best one.

(more…)