Items Tagged with 'reverse mortgage program'

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New York proposes new rules for reverse mortgages

Legislation would add protections for state’s senior citizens
In addition to unveiling new legislation that would grant the New York Department of Financial Services the authority to ban individuals from working in the financial services industry, New York Gov. Andrew Cuomo also announced on Monday a series of new laws that would add financial protections for the state’s senior citizens. Included among those proposals are new rules for reverse mortgages.
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Study: Recent changes to reverse mortgage rules cut default risk in half

New report from Center for Retirement Research at Boston College lauds HECM program
A new study from the Center for Retirement Research at Boston College states that recent changes made to the rules governing reverse mortgages, specifically those that are part of the government's Home Equity Conversion Mortgages program, will dramatically cut the risk of default for borrowers.
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AAG brings jumbo reverse mortgage program to California

Announces expansion of AAG Advantage lending program
Last year, American Advisors Group, an Orange, California-based reverse mortgage lender, unveiled a jumbo reverse mortgage program, called the AAG Advantage. The AAG Advantage program initially launched in select states through the company’s retail channel in September. Now, the company is making the AAG Advantage program available to its wholesale partner network in California.
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FHA issues new reverse mortgage rules to protect spouses

Designed to allow non-borrowing partners to remain in home
The U.S. Department of Housing and Urban Development and the Federal Housing Administration announced changes to its reverse mortgage program designed to keep non-borrowing spouses in their homes after the last surviving borrower dies.
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FHA needs $1.7B bailout

Decline in FHA endorsement volume leads to shortfall
The Federal Housing Adminstration will require a $1.7 billion bailout from the Treasury to cover projected losses in mortgage-related programs, officials told Congress in a letter Friday.
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