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:
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Home Equity Conversion Mortgage (HECM) Fixed Rate
This is an FHA-insured Reverse mortgage program with a fixed rate, rather than an adjustable rate.
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Home Equity Conversion Mortgage (HECM) Monthly LIBOR ARM
This is an adjustable rate product based on [...]

Continue reading " Wells Fargo introduces Fixed HECM and Libor HECM "

LIBOR—MONTHLY ADJUSTING HECM

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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 [...]

Continue reading " HECM for Home Purchase gets seal of approval. "