After a disaster, older homeowners may struggle to meet their obligations under a reverse mortgage and may be concerned about losing the home to foreclosure. This guide spells out the resources and options that are available to help older adults maintain homeownership.
Reverse mortgages are intended to help older Americans age in their homes. Yet, across thecountry, reverse mortgage borrowers and their spouses are losing their homes because theU.S. Department of Housing and Urban Development (HUD) has not acted to preventunnecessary foreclosures. HUD should take immediate action to expand home retentionoptions for reverse mortgage borrowers who fall…
As the effects of the COVID-19 economic crisis continue, foreclosure prevention and accessible lending are key housing priorities for 2022. Mortgage market data demonstrate the need for stronger policies.
Read More about Ensuring Access to Sustainable Homeownership: 2022 Priorities
The American Rescue Plan Act of 2021 includes $9.9 billion for creation of a Homeowner Assistance Fund (HAF) to be administered by the Treasury Department. The HAF was established to mitigate financial hardships connected with the coronavirus pandemic and prevent foreclosures among homeowners who have experienced a hardship related to the pandemic. Treasury’s HAF plan…
A letter in response to the issuance of Mortgagee Letter 2020-04, to ask that HUD take certainsteps to ensure the ongoing housing stability of borrowers who have taken out reverse mortgagesunder FHA’s Home Equity Conversion Mortgage (HECM) program, and their non-borrowingspouses, in light of the current COVID-19 public health emergency.
Testimony before the Senate Committee on Banking, Housing & Urban Affairs regarding the Libor transition and protections for consumers and investors.
Read More about The LIBOR Transition: Protecting Consumers and Investors
A coalition of consumer and racial justice advocacy groups write in support of the Improving FHA Support for Small Dollar Mortgages Act, which addresses the need to increase access to sustainable mortgage lending for homebuyers who are buying homes with sale prices under $100,000. It has been well documented that banks are not currently serving…
On behalf of our low-income clients, we provide four recommendations for improving the United States Department of Agriculture’s (USDA) programs aimed at providing and sustaining affordable homeownership in rural areas. We appreciate the opportunity to make these proposals, and we look forward to further discussion.