SOURCE: Mortgage News Feed
Changes made to the Federal Housing Administration’s reverse mortgage program have hit lenders hard, but some are starting to see volume rebound. The Department of Housing and Urban Development (HUD) made changes on September 30, 2013 that reduced principal limits and placed restrictions on when borrowers can receive loan proceeds.The changes are meant to ensure borrowers have access to their equity over the lifetime of the loan rather than taking draws that aren’t needed, said Karen Hill, director, Single Family Program Development at HUD during.
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