More regulation, hope this is helpful.

Effective 11/24/08, all new loan submissions must be accompanied by the HECM Anti-Churning Disclosure and show an increase in the Principal Limit of at least five (5) times the cost of the new loan

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Two New Reverse Loan Products
We are pleased to introduce two new products for reverse mortgage loans that are available today:
•
Home Equity Conversion Mortgage (HECM) Fixed Rate
This is an FHA-insured Reverse mortgage program with a fixed rate, rather than an adjustable rate.
•
Home Equity Conversion Mortgage (HECM) Monthly LIBOR ARM
This is an adjustable rate product based on the LIBOR (London Interbank Offered Rate) index. Wells Fargo Wholesale Lending will continue to offer the HECM CMT ARM products.

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Today HUD established the HECM for purchase program which is detailed in Mortgagee Letter 08-33. FHA insured HECMs can now be used to purchase a principle residence (1- to 4-family dwelling unit) on or after January 1, 2009.

I encourage you to read the letter thoroughly. Specifics about property flipping and seasoning requirements are outlined in the letter.

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