Archive for December, 2008
Refinancing Existing Home Equity Conversion Mortgages (HECM) and Revision
From the HUD Letter Series
TO: ALL APPROVED MORTGAGEES
ALL FHA APPROVED HOUSING COUNSELING AGENCIES
SUBJECT: Refinancing Existing Home Equity Conversion Mortgages (HECM) and Revision
to the HECM Calculation Software–Single Family
This Mortgagee Letter informs Mortgagees and Housing Counseling Agencies that provide HECM Counseling of statutory changes to the Federal
Properties Not Eligible for Reverse Mortgages
According to HUD, there are several types of housing units that are not eligible for a HECM or Reverse Mortgages. Primarily older manufactured homes are not eligible with a couple of other types you would not think about on a normal basis.
Cooperative units
Newly constructed residence where a Certificate of Occupancy or its equivalent has [...]