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HUD Updates the Reverse Mortgage Program

HUD Press Release
September 6, 2013 House made of dollar bills; photo by 401(K) 2012

In an effort to adapt to the changing landscape of borrowers the U.S. Department of Housing and Urban Development (HUD) has modified its guidelines for the Home Equity Conversion Mortgage (HECM) Program (also referred to as a “reverse mortgage”). HUD found that the Federal Housing Administration (FHA’s) Mutual Mortgage Insurance (MMI) Fund had been negatively affected by massive shifts, due to transitioning demographics, by the type of loans people were requesting. The new changes are defined in FHA’s mortgagee letters available on HUD’s website. More… 



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