HUD opens reverse mortgage doors to CONDO owners, drops heinous regs

Through a new rule announced Wednesday, the Federal Housing Administration (FHA) is making it easier for condo owners to get reverse mortgages and other FHA financing.

The FHA published a final regulation and policy implementation guidance this week establishing a new process for condominium approvals, effective October 15, which will expand FHA financing for qualified first time homebuyers as well as seniors looking to age in place, the Department of Housing and Urban Development said in a press memo.

Propriety Reverse Mortgage Products Could Eclipse FHA’s HECM Program in 2019

Jul 2, 2019, Jamie Hopkins Contributor — Director of Retirement Research at Carson Wealth

The reverse mortgage market world heads in reverse away from the government created Home Equity Conversion Mortgage (HECM) and towards new propriety products. This is an encouraging sign because any healthy market needs competition, innovation, and variety. However, recently HECM program has been the driving force behind the reverse mortgage world, leaving many without an ideal solution to utilizing home equity as part of a sustainable retirement plan.

Financial Literacy for Seniors: Practical Money-Management Advice

Photo courtesy of Pexels

Financial literacy and money management skills are important at any age. In one’s youth, it’s important to save up for retirement. In retirement, it’s important to properly manage money so that you can continue to live comfortably while also paying for any unexpected medical bills or other expenses. If you’re a senior, or you have a senior loved one who is looking to improve their finances, this is the article for you.