Reverse mortgages -- a type of loan against home equity available to seniors Ai are growing in popularity. A large majority of reverse mortgages are insured by HUD under its Home Equity Conversion Mortgage (HECM) program. The Housing and Economic Recovery Act of 2008 made several modifications to the HECM program, including changes in how origination fees are calculated and an increase in the loan limit. This report examines: (1) how these changes have affected lendersAi plans to offer reverse mortgages; (2) how the changes will affect borrowers; and (3) actions HUD has taken to evaluate the financial performance of the HECM program. Includes recommendations. Charts and tables.Additionally, higher loan limits enacted under HERA and the American Recovery and Reinvestment Act of 2009 ... HUDa#39;s model is a computer-based spreadsheet that incorporates assumptions based on historical and projected data toanbsp;...
|Author||:||Mathew J. Scire|
|Publisher||:||DIANE Publishing - 2010-02|