HUD Reverse Mortgage Legislation And Mortgagee Letters
Below is a list of mortgagee letters that directly impact the HECM program or are worth noting because they apply to lenders that originate HECM loans. To view a list of every letter ever published since the program began, please click HUD Portal to Mortgagee Letters
2013-27 Home Equity Conversion Mortgage Program – Consolidation of Pricing Options and Principal Limit Factors for Fixed Interest Rate Mortgages
2011-26 – HECM Counseling: Intermediaries Included on the HECM Counselor List
2011-16 – Rescission of Borrower’s Recourse
2011-01 – HECM Property Charge Loss Mitigation
2009-46b – Condominium Approval Process for Single Family Housing Condo approval guide
November 30, 2009 – HUD issues Mortgagee Letter ML2009-49 clarifying subordinate liens for HECM Reverse Mortgages.
Loan modifications for senior homeowners are possible if the existing mortgage lender is willing to lower the principal balance to meet the net lending limit of HECM Reverse Mortgages. Listen to how it worked for this borrower.
The borrower cannot modify their existing mortgage to create Subordinate Financing behind the HECM Reverse Mortgage, the balance of the existing mortgage must be paid in full at the time of HECM closing.
November 18, 2009 – Big changes in store for FHA appraisals in 2010!
Three new mortgagee letters 2009-28ML, 2009-29ML and 2009-30ML describe these changes and the legislation surrounding them. Will this legislation impact the quality of reverse mortgage appraisals and ultimately the appraised value? …. Maybe…. Another reason to get your application in before the end of the year.
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