HECM

News & Analysis as of

HUD Proposes Mandatory Assignment of HECMs

As part of a broader push to update its regulations regarding Home Equity Conversion Mortgages (HECMs, more commonly known as reverse mortgages), the Department of Housing and Urban Development (HUD published a Supplemental...more

Appellate Court Holds HUD Regulations Don’t Provide Private Right of Action Unless Incorporated into Written Agreement

A federal appeals court recently decided that a plaintiff could not assert a claim against the issuer of a reverse mortgage for breach of regulations issued by the U.S. Department of Housing and Urban Development (HUD), when...more

HUD Announces Another Delay in Implementation of Property Charge Default Rules

On January 12, 2016, the U.S. Department of Housing and Urban Development (HUD) published its first Mortgagee Letter of the year, in which it again delayed the implementation of the sweeping changes related to Home Equity...more

New Loan Limits for 2016 Announced by FHA

The Federal Housing Administration (FHA) announced the 2016 Nationwide Forward Mortgage Limits in Mortgagee Letter 2015-30 and the 2016 Nationwide Home Equity Conversion Mortgage (HECM) limits in Mortgagee Letter 2015-29...more

HUD Reverses Course (Again) on Non-Borrowing Spouses

The Department of Housing and Urban Development (HUD) continues to grapple with how mortgagees and servicers of Home Equity Conversion Mortgages (HECMs), commonly known as reverse mortgages, should proceed where a spouse that...more

Beyond the Commercials: Understanding Reverse Mortgages

You have likely seen the commercials for reverse mortgages. While the advertisements urge viewers to “call now to secure you reverse mortgage today” and make them seem risk-free, obtaining a mortgage of this type is a serious...more

New HECM Rules For Surviving Spouses Fall Short

The Department of Housing and Urban Development recently published Mortgagee Letter 2015-03, which provides servicers of FHA-insured Home Equity Conversion Mortgages a way to proceed after a borrower dies and is survived by a...more

HUD Issues New Rules about Surviving Spouses Following Death of Reverse Mortgage Borrower

For the past year and a half, mortgagees of FHA-insured Home Equity Conversion Mortgages (“HECMs”), commonly referred to as reverse mortgages, have had to grapple with issues related to the foreclosure of homes occupied by...more

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