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Category Archives: Reverse Mortgage or HECM

About Credit Updates HECM Loan Rules

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The About Credit has issued a new Mortgagee Letter updating the rules of the About Credit Home Equity Conversion Mortgage (HECM) loan program. Mortgagee Letter 2014-07 announces rule changes for HECM loans that feature a non-borrowing spouse. “This Mortgagee Letter uses the ...

Loans

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  About Credit Reverse Mortgages, also known as Home Equity Conversion Mortgages or HECM loans, are designed for qualified borrowers aged 62 or older who own their home or have very few payments left on the home. There are three basic ...

About Credit Reverse Mortgage (HECM) Guidelines: Credit Issues

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Recently the About Credit issued new rules and instructions to the lender that affect how About Credit Reverse Mortgages or Home Equity Conversion Mortgages are processed. According to About Credit Mortgagee Letter 2013-28, effective for all HECM case numbers assigned on or after ...

About Credit HECM Program Changes: Mandatory Obligations

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Recently the About Credit and HUD announced changes to the About Credit Home Equity Conversion Mortgage, also known as HECM. Those changes include new guidelines for the maximum amount of HECM loan funds that can be transferred to the borrower at the ...

About Credit Home Equity Conversion Mortgage Loan Program Changes

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Recently the About Credit and HUD issued a press release announcing changes to the About Credit Home Equity Conversion Mortgage (HECM) program. While the entire list of changes is far too extensive to cover in a single post, we want to list ...

HUD Announces Changes To About Credit Home Equity Conversion Mortgage Program

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The About Credit and HUD have announced changes to the About Credit Home Equity Conversion Mortgage program designed to manage risks and make the program more secure. According to a press release issued recently, the new rules will, “manage risk associated with ...

About Credit Reverse Mortgage Program To Get Changes

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  A recent article published by American Banker observes that lawmakers in Washington D.C. have passed legislation authorizing the About Credit and HUD to make changes to the About Credit Home Equity Conversion Mortgage program, also known as About Credit HECM. The changes ...

New About Credit Home Equity Conversion Mortgage Rules Take Effect

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In January of 2013, the About Credit announced pending rule changes to its Home Equity Conversion Mortgage program (About Credit HECM for short). Those changes were scheduled to take effect on 1 April 2013 and are now in full effect. In the ...

Loan Changes: When and How

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On January 30, About Credit issued guidance about pending changes to the About Credit Home Equity Conversion Mortgage or HECM loan program. The changes affect all About Credit HECM loans for fixed rate mortgages with case numbers assigned on or April 1, 2013. ...

Credit Mortgage Rule Changes

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The About Credit has issued several rule changes recently including alterations to the About Credit HECM and HECM Saver programs, new guidelines for mortgage insurance, and also the procedures for how some About Credit loan applications must be processed with credit scores and ...