The FHA’s reverse mortgage program, known as the Home Equity Conversion Program, (HECM) has been very popular with retired borrowers. The program allows homeowners 62 years of age or older to withdraw some of the equity from their homes without having to make a mortgage payment. The money obtained under the HECM can be in […]
Banks Exit FHA Reverse Mortgage Program As Defaults And Losses Skyrocket
June 29, 2011 Filed Under: FHA HECM, FHA Home Equity Conversion Mortgage, FHA mortgage
FHA Lending Plunges By 39% Through May As Default Rate Exceeds 8%
June 24, 2011 Filed Under: FHA mortgage
The recently released Single-Family Outlook from the FHA shows a steep drop in FHA applications through May 2011. According to the FHA the estimated rate of annual applications plunged by 39% from a year ago and down 21% from April. The FHA estimates that total applications for mortgage loans this year will be 1.3 million. […]
The End of the FHA? Early August Shutdown Looms For FHA Program
June 24, 2011 Filed Under: FHA mortgage
Congress has until August 2, 2011 to resolve the debate over increasing the federal debt ceiling. A failure to increase the debt ceiling would result in the shutdown of nonessential government services. No one expects that social security checks or paychecks to the military and other essential personnel will stop being issued but a raft […]