Ken Metcalf provides updates on the FHA Modernization Bill and other reverse mortgage articles of interest http://www.kenmetcalf.com/index.html The U.S. Department of Housing and Urban Development (HUD), Federal Housing Administration (FHA) is pleased to announce a second option for the Home Equity Conversion Mortgage (HECM) Program. FHA designed HECM Saver as a second initial mortgage insurance premium NIP) option for the purpose of lowering upfront loan closing costs, for mortgagors who want to borrow a smaller amount than what would be available with a HECM standard. This new Saver option is available for the HECM for Purchase and HECM Fixed programs too. Read more about it on Ken's site!<div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/SeniorsReverseMortgageNews?a=UFKpxxHQOho:QPAyZ3ABcDM:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/SeniorsReverseMortgageNews?d=yIl2AUoC8zA" border="0"></img></a> </div><img src="http://feeds.feedburner.com/~r/SeniorsReverseMortgageNews/~4/UFKpxxHQOho" height="1" width="1"/> http://feedproxy.google.com/~r/SeniorsReverseMortgageNews/~3/UFKpxxHQOho/programs.htm http://www.kenmetcalf.com/programs.htm The Administration’s proposed Fiscal Year 2011 budget for HUD would increase the ongoing mortgage insurance premium on HECM's from 0.5 percent to 1.25 and reduce principal limit factors.If congress approves of the proposal, it will take effect October 1, 2010.Impact on borrowers will be a higher expected calculating rate resulting in less money in the homeowner's pocket and higher mortgage insurance costs adding to the loan balance.Seniors and concerned family members may want to ask their representatives in congress not to increase mortgage insurance premiums and lower the amount they can receive. It is important that reverse mortgages continue to be a reasonable option for accessing equity and helping seniors maintain their qualify of life.<div class="feedflare"> <a href="http://feeds.feedburner.com/~f/SeniorsReverseMortgageNews?a=uuN2CRed"><img src="http://feeds.feedburner.com/~f/SeniorsReverseMortgageNews?d=41" border="0"></img></a> </div><img src="http://feeds.feedburner.com/~r/SeniorsReverseMortgageNews/~4/34k1mWMrOjA" height="1" width="1"/> http://feedproxy.google.com/~r/SeniorsReverseMortgageNews/~3/34k1mWMrOjA/ http://www.kenmetcalf.com HUD has now issued the Mortgagee letter regarding the limit increases.Contact us for more information and to see how you can benefit!<div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/SeniorsReverseMortgageNews?a=Q78L56N43dA:Iuo_1eAjEKA:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/SeniorsReverseMortgageNews?d=yIl2AUoC8zA" border="0"></img></a> </div><img src="http://feeds.feedburner.com/~r/SeniorsReverseMortgageNews/~4/Q78L56N43dA" height="1" width="1"/> http://feedproxy.google.com/~r/SeniorsReverseMortgageNews/~3/Q78L56N43dA/inforequest.htm https://www.kenmetcalf.com/inforequest.htm This link is to the HUD national homeownership center reference guide for real estate industry professionals that are interested in updates to HUD Mortgagee letters, notices and guidebooks and FHA Housing Industry Training. The HUD website, at http://www.hud.gov, offers a wealth of information for the interested borrower and professional alike.<div class="feedflare"> <a href="http://feeds.feedburner.com/~f/SeniorsReverseMortgageNews?a=ICtUtbog"><img src="http://feeds.feedburner.com/~f/SeniorsReverseMortgageNews?d=41" border="0"></img></a> </div><img src="http://feeds.feedburner.com/~r/SeniorsReverseMortgageNews/~4/EqJqwBCM-kY" height="1" width="1"/> http://feedproxy.google.com/~r/SeniorsReverseMortgageNews/~3/EqJqwBCM-kY/hsgsingle.cfm http://www.hud.gov/offices/hsg/sfh/hsgsingle.cfm HUD have issued a lengthy list of FAQs to answer all your HECM for Purchase queries. I have put these on my site for your convenience and also have a downloadable pdf version too.<div class="feedflare"> <a href="http://feeds.feedburner.com/~f/SeniorsReverseMortgageNews?a=bKieimWk"><img src="http://feeds.feedburner.com/~f/SeniorsReverseMortgageNews?d=41" border="0"></img></a> </div><img src="http://feeds.feedburner.com/~r/SeniorsReverseMortgageNews/~4/KCBMsmiq2_I" height="1" width="1"/> http://feedproxy.google.com/~r/SeniorsReverseMortgageNews/~3/KCBMsmiq2_I/hecm_for_home_purchase_faq.html http://www.kenmetcalf.com/hecm_for_home_purchase_faq.html Review these guidelines from HUD on refinancing your current HECM reverse mortgage. Contact us for further information by visiting http://www.kenmetcalf.com!<div class="feedflare"> <a href="http://feeds.feedburner.com/~f/SeniorsReverseMortgageNews?a=L6WcIdyc"><img src="http://feeds.feedburner.com/~f/SeniorsReverseMortgageNews?d=41" border="0"></img></a> </div><img src="http://feeds.feedburner.com/~r/SeniorsReverseMortgageNews/~4/z1vYeZFZGfs" height="1" width="1"/> http://feedproxy.google.com/~r/SeniorsReverseMortgageNews/~3/z1vYeZFZGfs/HECM_Refinance_Guidelines.pdf http://www.kenmetcalf.com/HECM_Refinance_Guidelines.pdf