Reverse Mortgage Final Rule (HECM Final Rule) The purpose of this bulletin is to summarize the key changes to theĀ HECM programĀ in accordance with HUDās Final HECM Rule.Ā This bulletin summarizes the key changes affecting the origination of HECM loans. Additional guidance on how to implement and apply the below changes is forthcoming.
2017 HECM Changes In a move that shocked the entire reverse mortgage industry, HUD released Mortgagee Letter ML 2017-12, which will have a huge impact on the reverse mortgage program. The Mortgagee Letter indicates that in order for FHA to continueĀ to endorse the HECM loan program, changes were needed which would increase the upfront Mortgage …
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