Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
FHA designing new reverse mortgage option
WASHINGTON (8/31/10)--The Federal Housing Administration (FHA) held a telephone briefing recently to inform the housing industry that it is looking at options to provide a lower-priced home equity conversion mortgage(HECM) option. An FHA spokesman told News Now that there has been no formal agency announcement because FHA is still working out details. But he confirmed it is FHA’s intention to “make the product more attractive while limiting FHA’s exposure to risk.” As reported by a number of news outlets, FHA is designing a reverse mortgage product it will call HECM Saver. It is also considering changes to its original HECM program. The HECM Saver is targeted to senior citizens who want to tap the equity in their homes to help cover medical costs, or even daily living expenses, according to an Aug. 30 article in American Banker. For a reduced up-front premium, a borrower would take 10% to 18% less in available funds than the standard home equity conversion mortgage provides.


RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
1 Day ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
1 hours ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
2 hours ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
3 hours ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
3 hours ago