Download or read book Evaluating Home Equity Conversion Programs written by and published by . This book was released on 1980 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Home Equity Conversion Mortgages written by United States. Department of Housing and Urban Development. Office of Housing and published by . This book was released on 1989 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Preliminary Evaluation of the Hecm Reverse Mortgage Program written by Brad Case and published by . This book was released on 2008 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes and evaluates the Home Equity Conversion Mortgage (HECM) Insurance Demonstration, designed to encourage the development of private reverse mortgage programs by insuring lenders against the risks associated with new mortgage lending programs and with reverse mortgages in particular. The paper evaluates demand for the program by analyzing the attributes of participating borrowers, their properties and the types of payment options chosen. It also presents several observations regarding participation by the financial community in the HECM demonstration, required counseling and legal and regulatory issues that may hamper the growth and development of reverse mortgage programs in general. The findings suggest strong demand for reverse mortgages among quot;house-rich, cash- poorquot; elderly homeowners, either to supplement inadequate current incomes or to provide a reserve against unexpected lump-sum expenses. The flexible design of the HECM program addresses a wide variety of borrower financial needs, even though it imposes higher costs on lenders and servicers. The continued growth of the program, however, is hindered by a shortage of qualified housing counselors in some areas, as well as by a variety of legal and regulatory barriers.
Download or read book Home Equity Conversion written by and published by . This book was released on 1985 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Home Equity Conversion in the United States written by and published by . This book was released on 1991 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Evaluation of Home Equity Conversion Mortgage Loan Payments Made After Death of Borrower written by CreateSpace Independent Publishing Platform and published by Createspace Independent Publishing Platform. This book was released on 2018-07-11 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evaluation of home equity conversion mortgage loan payments made after death of borrower.
Download or read book Revere Mortgages written by Mathew J. Scire and published by DIANE Publishing. This book was released on 2010-02 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reverse mortgages -- a type of loan against home equity available to seniors ¿ are growing in popularity. A large majority of reverse mortgages are insured by HUD under its Home Equity Conversion Mortgage (HECM) program. The Housing and Economic Recovery Act of 2008 made several modifications to the HECM program, including changes in how origination fees are calculated and an increase in the loan limit. This report examines: (1) how these changes have affected lenders¿ plans to offer reverse mortgages; (2) how the changes will affect borrowers; and (3) actions HUD has taken to evaluate the financial performance of the HECM program. Includes recommendations. Charts and tables.
Download or read book Turning home equity into income for older homeowners written by Mary H. Parker and published by . This book was released on 1982 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Home Equity Conversion Mortgage Terminations written by Edward Szymanoski and published by . This book was released on 2008 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article examines loan terminations under the U.S. Department of Housing and Urban Development's (HUD's) reverse mortgage insurance program formally known as the Home Equity Conversion Mortgage (HECM). Demand for HECM loans is increasing and may continue to rise in the future as the baby boom generation enters its retirement years. An efficient secondary market would help the HECM program realize its full market potential to meet this growing demand. Information for investors to gauge the future performance of HECM loans has not been widely available but is critical to help the secondary market mature. This article addresses the need for information by analyzing HUD historical data on HECM loan terminations - a major risk factor in assessing loan performance. Reverse mortgage terminations are primarily driven by the timing of borrower deaths and voluntary loan payoffs associated with moving out of the mortgaged property. Thus, borrower age and type (specifically single female or male or couples) affect reverse mortgage termination rates. One unique feature of the HECM program (compared to other reverse mortgage products available in the market) is that it gives lenders the option to assign an active HECM loan to HUD in the event the loan balance reaches the maximum claim covered by FHA insurance. From an investor's perspective, the assignment of an active loan to HUD is the equivalent of a loan termination. The research described in this article generates annual hazard and survival rate tables for HECM loans grouped by age and borrower type and examines the impact assignments have on expected termination experiences for these groups. It finds that assignments begin to impact hazard and survival rates after policy year.
Download or read book Home Equity Conversion Phase I Study written by and published by . This book was released on 1982 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Home Equity Conversion Programs written by Theresa McHugh and published by . This book was released on 1987 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Reverse Mortgages written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-08 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reverse mortgages-a type of loan against home equity available to seniors-are growing in popularity. A large majority of reverse mortgages are insured by the Department of Housing and Urban Development (HUD) under its Home Equity Conversion Mortgage (HECM) program. The Housing and Economic Recovery Act of 2008 (HERA) made several modifications to the HECM program, including changes in how origination fees are calculated and an increase in the loan limit. The Act directed GAO to examine (1) how these changes have affected lenders' plans to offer reverse mortgages, (2) how the changes will affect borrowers, and (3) actions HUD has taken to evaluate the financial performance of the HECM program. To address these objectives, GAO surveyed a representative sample of HECM lenders, analyzed loan-level HECM data, and reviewed HUD estimates and analysis of HECM program costs. GAO makes no recommendations in this report. HUD concurred with the
Download or read book Home Equity Conversions for Seniors written by and published by . This book was released on 1986 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Analysis of Default Risk in the Home Equity Conversion Mortgage HECM Program written by Stephanie Moulton and published by . This book was released on 2015 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: While reverse mortgages are intended as a tool to enable financial security for older homeowners, in 2014, nearly 12 percent of reverse mortgage borrowers in the federally insured Home Equity Conversion Mortgage (HECM) program were in default on their property taxes or homeowners insurance. Unlike the traditional mortgage market, there were no risk-based underwriting guidelines for HECMs through 2014. In response to the relatively high default rate, a variety of policy responses were implemented, including establishing underwriting guidelines. However, there is a lack of data and analysis to inform such criteria. Our analysis follows 30,000 seniors counseled for reverse mortgages between 2006 and 2011. The data includes comprehensive financial and credit report attributes, not typically available in analyses of reverse mortgage borrowers. Using a bivariate probit model that accounts for selection, we estimate the likelihood of tax and insurance default. Financial characteristics that increase default risk include the percentage of funds withdrawn in the first month of the loan, a lower credit score, higher property tax to income ratio, low or no unused revolving credit, and a history of being past due on mortgage payments or having a tax lien on the property. Our estimate of the elasticity of default with respect to credit scores is similar to that for closed-end home equity loans, but higher than that for HELOCs. We simulate the effects of alternative underwriting criteria and policy changes on the probability of take-up and default. Reductions in the default rate with a minimal effect on participation can be achieved by requiring that participants with low credit scores set aside some of their HECM funds for future property tax and insurance payments, a form of escrowing.
Download or read book Home Equity Conversion Mortgages written by United States. Department of Housing and Urban Development and published by . This book was released on 1994 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Home Equity Conversion Options for Older Homeowners written by and published by . This book was released on 1984 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Demand for Home Equity Conversion Programs and Public Policy Implications written by Donald Ross Sutherland and published by . This book was released on 1981 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt:
