Reverse Mortgages of Nevada
Reverse Mortgage News and Updates
FHA Modernization Bill - what is it?
Want to find out how this may benefit you?
Give Maggie a call TODAY!!
Toll - Free: 1 - 888 - 489 - 2220
August 12 2008 - FHA Modernization Update from Maggie O'Connell
The Housing and Economic Recovery Act, HR 3221 was finally approved and signed by President Bush. There are several components of the bill that will impact the reverse mortgage industry. Now that the bill is passed, HUD is finding there is clarification to be made as some aspects are not stated clearly.
One of the major components of the Bill in relation to reverse mortgages is an increase in the maximum loan limits. While the industry had hoped for a single national loan limit as part of the legislation, HUD’s lawyers still have not resolved this matter. As the legislation reads a floor is created at $417,000, but loan limits could go as high as a 115% of the Area Median Standard with a cap of $625,000...July 30 2008
President Signs Housing Bill - Seniors looking into reverse mortgages to benefit greatly!
July 28, 2008
NRMLA Press Release
July 28 2008
Senate passes landmark housing bill
July 24 2008
House passes Homeowner rescue bill FHA Modernization Act HECM limits expected to increase soon!
July 15 2008
Congress promises quick action on Housing Bill...
July 11 2008
Senate passes Housing Bill!!!
July 10 2008
Senate poised to pass Housing Bill....
July 8 2008
ABC news article | Associated Press | Conforming Limits
July 1 2008
Housing Bill 'Running Out Of Time'
June 26 2008
WASHINGTON (AP) — A foreclosure rescue plan that has broad bipartisan support stalled in the Senate on Wednesday amid a dispute over taxes.
June 25 2008
Relief Measure Passes Key Test Vote in Senate
June 24 2008
A rescue package that would help distressed homeowners avoid foreclosure passes a Senate vote by 83 to 9.
June 23 2008
Housing rescue a final chance for bargaining
June 19 2008
Dodd, Shelby Roll Out Senate Housing Bill
US Senate To Begin Consideration Of Housing Bill Thursday
June 9 2008
Lawmakers Seek Shortcut In Negotiating Housing Bill
May 27, 2008
Senate Panel OKs Homeowner Rescue
May 21 2008
Mortgage rescue advances in Senate ...
May 20 2008
Senate deal struck on mortgage aid...
May 19 2008
Senators hammering out mortgage deal
May 13, 2008
Senate Talks Collapse On a Housing Bill
May 7, 2008
Here is a link to the most recent press release.
March 12, 2008
The FHA Modernization bill is moving forward and currently being finalized. Once a bill is formally adopted by the Conference Committee, it will be sent to both chambers of Congress for approval before its sent to the President for his signature. It’s difficult to know exactly when the bill will be signed, but anticipate it will be in the next few months. We feel the changes that help people the most are the increase in the maximum claim amount limit to $417,000 nationwide and the ability to purchase homes using the HECM reverse mortgage.
More on this Bill: Back
On December 14, 2007, the FHA Modernization bill (S. 2338) was brought to the floor for debate and consideration by the full Senate. The bill passed by an overwhelming majority of 93 to 1.
What S. 2338 would do for the HECM program:
- Permanently eliminate the cap on the overall number of HECM loans that FHA is authorized to insure.
- Replace the county-by-county area loan limits with a single national loan limit at the conforming loan limit level, currently $417,000.
- Authorize HECMs for home purchase.
- Implement a maximum origination fee at 1.5% of maximum claim amount.
- Require the Government Accountability Office to undertake a study of the HECM program and report back to Congress
The U.S. House of Representatives passed its own version of the FHA Modernization bill this past summer. On HECM matters, the two bills are identical, but on other provisions they differ. The House and the Senate must now each appoint "conferees" who will get together to negotiate and reconcile the differences in the two versions. Once a "conference report" is issued, the compromise must be accepted by a vote in each house of Congress. This process is expected to take place in the early part of 2008.
Want to find out how this may benefit you?
Give Maggie a call TODAY!!
Toll - Free: 1 - 888 - 489 - 2220
“Retirement is a time to allocate assets.”
Alan Greenspan
Your home is an asset that can be allocated during retirement.
The tool to 'distribute' this wealth is the reverse mortgage.
