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Lenders Speak out on HUD Budget Cuts for Reverse Mortgage Borrowers
by AllenK on Jul 1, 2011
When the Department of Housing and Urban Development (HUD) announced budget cuts that includes cuts to fund the HECM reverse mortgage program counseling the department offers, lenders and borrowers were left wondering what impact these budget cuts will have on the industry. Most reverse mortgage lenders are optimistic about the proposal.
Counseling is an important process in the reverse mortgage transaction. HUD requires that all potential borrowers of the government-secured Home Equity
Conversion Mortgage, or “HECM,” undergo one-on-one information sessions with department-approved councilors before the transaction can take place. The goal is to ensure and verify that seniors understand the reverse mortgage process as explained by their lenders.
The mandatory counseling sessions are funded by HUD, and therefore free to both lenders and borrowers. But in light of our country’s growing fiscal deficit and sagging economy, government...Read More >>
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