Reverse Mortgage program: Be aware of possible changes
May 25th, 2010
Written by Greg Frost Jr.
Categories: Federal Housing Administration, FHA, Mortgage / Credit, Mortgage Banker News, Mortgage News, Mortgage Programs, Reverse Mortgage
The future of the FHA Reverse Mortgage program is in jeopardy. Frost Mortgage helps seniors find home loans through this great program, but we’re disappointed to see that, without $250 million from Congress, the principal amount of a new loan for seniors (subscription required) could be reduced by 30 percent, according to National Mortgage News.
Even though HUD officials say the appropriation for the Home Equity Conversion Mortgage (HECM) may not receive its appropriation in the coming fiscal year, we hope you won’t be discouraged from looking into the program. For the moment, we’re able to provide loans as usual, and even should the appropriation fall through, we know many of the fine points that can make the difference in tapping into your home’s equity.
So please, contact one of our loan officers today and let us help you leverage your home in a way that will give you long-term peace of mind through a top-quality reverse mortgage.
Please take a moment to learn more about how Frost Mortgage can help you. If you're looking for a mortgage, please visit our Find a Loan Officer page. And if you're looking for the best Branch Partner opportunity in the business, please visit our Branch Opportunities page. Thank you!
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One Response to Reverse Mortgage program: Be aware of possible changes
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2501 Wyoming Blvd. NE, Suite A, Albuquerque, NM 87112
It really is sad to see our Gov’t letting some of the few remaining really helpful programs be put to the wayside. A reverse mortgage really is a great program for the right individual. Helps allow seniors to continue to live interdependently with assisted home care, or just extra money to cover health expenses.