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    "Reverse Mortgage Originator: Scott O'Connell" Call: (209) 434-8333 or (775) 204-3390
    NMLS 1537122

    It takes money to maintain a long, comfortable and financially secure retirement. But you don’t need to count your penny’s and sacrifice the lifestyle you want. The solution is right under your roof! Give us a call and we will educate you on reverse mortgages. With a good understanding, you can make good decisions.

    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

    Click to access 2021-29mlhsg.pdf

    2019-13 HUD Condo – Single Unity Approval Process 

    2013-27 Home Equity Conversion Mortgage Program – Consolidation of Pricing Options and Principal Limit Factors for Fixed Interest Rate Mortgages

    2013-01 Consolidation of Pricing Options and Principal Limit Factors for Fixed Interest Rate Mortgages

    2011-31 – Revised Form HUD 92902, Certificate of HECM Counseling and Clarification of Counseling Guidance

    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

    2010-34 – Introducing HECM Saver; Mortgage Insurance Premiums and Principal Limit Factor Changes for HECM Standard

    2009-46b – Condominium Approval Process for Single Family Housing Condo approval guide

    November 30, 2009 HUD issues Mortgagee Letter ML2009-49clarifying 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.

    contact Maggie O'Connell Call (775) 770-0870 to learn more!