Reverse Mortgage Changes 2017

2017!

Does that sound as odd to you as it does to me?  Seems like it was only yesterday that HUD finally lifted the county by county limits on the HECM program and we went to a national limit of $417,000 that was raised just a year later to $625,500 and just stayed there but that was actually 2008/2009.

Just last week when we were worrying about the Y2K bug, when all the computers were supposed to go haywire in the year 2000.  And just a year or two ago when I still had brown hair but I digress and I am not divulging how long ago that was!  ;>) [Read more…]

Alert: Reduced FHA Insurance Premiums Repealed

HUD SUSPENDS MIP REDUCTION

The Department of Housing and Urban Development (HUD) announced today that the recent Reduction of Mortgage Insurance Premiums (MIP), outlined in FHA Letter 2017-01 were suspended.

According to posted information from Housing Wire, the letter stated that a subsequent Mortgagee Letter will be issued at a later date should this suspension or policy change.

“FHA is commited to ensuring its mortgage insurance programs remains viable and effective in the long term for all parties involved, especially our taxpayers,..”
as stated in the letter this afternoon.

Please see this link to read the full article, but know that CHM is committed to you and your borrowers and with this suspension of policy, there will be some loans that will need correcting in respect to compliance.

Please contact us today should you have questions.

Don Parsons
Mortgage Advisor
(949) 428-3099
dparsons@commercemtg.com

Reverse Mortgage Rules Take Effect March 2nd, 2015

In the last 72 hours I sent an e-mail to all my clients, consumers as well as professionals, in order to alert seniors, specifically those 62 or over, about the NEW FINANCIAL ASSESSMENT RULES for REVERSE MORTGAGES.  Everyone has family, friends, neighbors, or associates that may be impacted.

The new rules were to take effect March 2, but have been postponed 30-60 days. [Read more…]

Does HUD Owe You a Refund?

US-Dept-of-HUDIf you had an FHA-insured mortgage, you may be eligible for a refund from HUD/FHA.

Due to increased public interest, the Mortgage Insurance Premium Refund Support Service Center is experiencing a high volume of calls.

http://www.hud.gov/offices/hsg/comp/refunds/index.cfm

FHA Homeowners Fact Sheet

Who may be eligible for an FHA refund or share?

http://www.hud.gov/offices/hsg/comp/refunds/fhafact.cfm