On April 25, 2014, the U.S. Department of Housing and Urban Development (HUD) issued new guidance to ease requirements for non-borrowing spouses on FHA Home Equity Conversion Mortgages (HECM) issued on or after August 4, 2014. The policy changes are in response to complaints from families that are being forced into foreclosure after inheriting a home following the death of a loved one. Non-borrowing spouses, who are named in the HECM documents, will now be allowed to defer payment on the home and continue to occupy the home as the principal residence as long as they meet... Read More
On April 2, 2014, President Steve Brown sent a letter to the Department of Housing and Urban Development (HUD) with concerns about the Federal Housing Administration’s (FHA) high annual mortgage insurance premiums and mortgage insurance that is required for the life of the loan. Home purchases are becoming increasingly out of reach for many qualified borrowers who rely on FHA financing.
President Brown’s letter notes that it is possible to increase the upfront premiums and lower the annual MIP while continuing to replenish the Mutual Mortgage Insurance Fund. This will... Read More
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