Many potential buyers and mortgage lenders have long complained about what they consider to be tight restrictions on condo related FHA mortgage financing. In an attempt to expand financing options for borrowers purchasing condos the Federal Housing Administration announced changes that make it easier to obtain FHA financing for condos. The new guidelines, as detailed […]
FHA Eases Guidelines on Condo Loans
November 13, 2015 Filed Under: Benefits of FHA Mortgage, FHA Condo Loans, FHA Eligibility Requirements, FHA loan, FHA mortgage, FHA property
Pitfalls of FHA Reverse Mortgages – Lenders Get More Time to Foreclose as Shill Fred Thompson Pushes Reverse Mortgages
April 23, 2014 Filed Under: FHA HECM, FHA Home Equity Conversion Mortgage, FHA loan, FHA reverse mortgage
When a borrower defaults on an FHA insured reverse mortgage the mortgagee bank that made the loan has to follow strict Department of Housing and Urban Development (HUD) guidelines to ensure that losses will be covered by FHA insurance. When an FHA borrower defaults on a loan, HUD requires that mortgagees (lenders) follow a foreclosure […]
How Much Money Can I Get From A Reverse Mortgage? A Step By Step Procedure
July 31, 2012 Filed Under: Benefits of FHA Mortgage, FHA HECM, FHA Home Equity Conversion Mortgage, FHA loan, FHA mortgage, FHA Mortgage Basics, FHA reverse mortgage
We have previously discussed the merits and potential drawbacks of the reverse mortgage program. The reverse mortgage is officially known as the Home Equity Conversion Mortgage or HECM. A reverse mortgage is obtained through the FHA and is a relatively small part of their lending business. While the FHA will receive almost two million routine […]
Regulators Warn Elderly To Be Aware Of Reverse Mortgage Scams
February 24, 2012 Filed Under: FHA HECM, FHA Home Equity Conversion Mortgage, FHA loan, FHA mortgage, FHA reverse mortgage
Unfortunately for all of us, there are numerous individuals and companies operating as financial predators against homeowners. Even worse, many criminals operating financial scams prey upon the elderly who are least able to defend themselves against deceptive offers and high pressured sales tactics. The Federal Deposit Insurance Corporation (FDIC) has issued a warning in their […]
FHA Tightens Guidelines On Broken Reverse Mortgage Program, Major Lenders Exit The Business
January 31, 2012 Filed Under: Benefits of FHA Mortgage, FHA HECM, FHA Home Equity Conversion Mortgage, FHA loan, FHA reverse mortgage, Mortgage Default
Reverse mortgages, which have been available to elderly borrowers for over two decades, will become more difficult to obtain in the future. Major reverse mortgage lenders have abandoned the product and the FHA has indicated that they will tighten underwriting guidelines due to the large number of reverse mortgage defaults. Last year, two of the […]