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HUD Makes Reverse Mortgages a Little Less Attractive

Here’s some potentially good news for anyone without high credit scores who is seeking a low-down-payment mortgage: The Federal Housing Administration is cutting its mortgage insurance premium charges.

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For a long time, reverse mortgages were. sales proceeds are less than the amount borrowed, the proceeds go first to the lender, along with any extra amount from the Department of Housing and Urban.

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The Department of Housing and Urban Development on Tuesday shook the reverse mortgage. less attractive,” hultquist sad. “The ruthless strategy has been addressed.” HUD officials indicated that.

Because the new lending rules will result in slower growth for open-ended HECM lines of credit, Pfau said, consumers may find the more immediate uses for reverse mortgage proceeds more attractive.

HUD makes reverse mortgages less attractive. Articles, Elder Law Articles; The Department of Housing and Urban Development (HUD) has made changes to the federal reverse mortgage program. Citing the need to put the program on better financial footing, HUD has raised reverse mortgage fees for some.

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HUD Makes Reverse Mortgages a Little Less Attractive The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program. Citing the need to put the program on better financial footing, HUD will raise reverse mortgage fees for some borrowers and lower the amount homeowners can borrow.

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HUD Makes Reverse Mortgages a Little Less Attractive. In addition, HUD is lowering the amount that homeowners can borrow. The average borrower at current interest rates will be able to borrow only around 58 percent of the value of their home, down from 64 percent. The changes are set to go into effect on October 2, 2017.