Posted To: MND NewsWireFederal Housing Administration Commissioner Carol Galante has just announced several significant changes to FHA requirements, processes, and fees in an ongoing effort by the agency to shore up its Mutual Mortgage Insurance Fund (MMI Fund.) The first change - the consolidation of FHAs Standard Fixed-Rate Home Equity Conversion Mortgage (HECM) with its Saver Fixed Rate HECM - was officially announced today. HECM is commonly referred to as a reverse mortgage and is available only to homeowners over the age of 62. FHA said that the Fixed Rate Standard HECM pricing option currently represents a large majority of the loans insured through FHAs HECM program and is responsible for placing significant stress on the MMI Fund. To preserve the program as a financial option for aging homeowners FHA will...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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