The Home Economic Recovery Act was enacted in July of 2008! We are still waiting for the Reverse Mortgage Provisions to go into effect

By
Real Estate Mortgage Broker with First Meridian Mortgage

It is mind boggling to me that Reverse Mortgages for Co-ops are still not in effect. I get at least one phone call or e-mail PER DAY asking me for help. I don't know what to say anymore, it has been almost twenty months and the Department of Housing and Urban Development (HUD) to get the program into place.

I understand that this is a big undertaking for HUD because HUD has not allowed Co-ops for any of its other loans, but COME ON! Isn't a year and half enough time?

There are thousands of people who need this right now. Hopefully, they will get their act together and it will happen soon.

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Topic:
Lending / Financial
Location:
New York
Groups:
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Anything Reverse Mortgages
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Seniors Real Estate
Tags:
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Additional Information

Everything you ever wanted to know about Reverse Mortgages.