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Home / Blog / Headlines & News / Star-Telegram: Reverse Mortgages Backed By HUD Safer Starting in August

Star-Telegram: Reverse Mortgages Backed By HUD Safer Starting in August

August 9, 2014 By Mary Catchur

Reverse Mortgage
Photo Credit: American Advisors Group/Flickr/CC.

Reverse Mortgages backed by HUD offer a safe way for older Americans to access the equity in their home to meet their financial goals.

The HUD website for Reverse Mortgages says:

The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program, which enables you to withdraw some of the equity in your home.  The HECM is a safe plan that can give older Americans greater financial security.

The Star-Telegram reports that reverse mortgages backed by HUD become even safer as of August 4th by requiring the names of both spouses on the mortgage.

“This is good news for the industry,” said Scott Norman, a board member for the Reverse Mortgage Brokers Association and national sales manager for Urban Financial, a leader in reverse mortgage lending. “HUD should be applauded for this common sense rule.”

Learn more by reading the Star-telegram report: New rules on reverse mortgage designed to make loans safer for elderly.

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Filed Under: Headlines & News Tagged With: HUD, reverse mortgage

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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