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| HUD/OH | RIN: 2502-AI79 | Publication ID: Spring 2014 |
| Title: Federal Housing Administration (FHA): Strengthening the Home Equity Conversion Mortgages (HECM) Program to Promote Sustained Homeownership (FR-5353) | |
| Abstract: This rule would make several significant changes to the regulations for the Home Equity Conversion Mortgage (HECM) program. The HECM program is FHA's reverse mortgage program that enables senior homeowners who have equity in their homes to withdraw a portion of the accumulated equity. The original intent of the HECM program was to ease the financial burden on elderly homeowners facing increased health, housing, and subsistence costs at a time of reduced income. The impacts of the recent financial crisis, including a decline in property values, shrinking retirement accounts, and changing mortgagor demographics, have adversely impacted the Mutual Mortgage Insurance Fund (MMIF), and have placed seniors with HECMs at an increased risk of losing their homes due to their inability to make tax and insurance payments. These program changes would realign the HECM program with its original intent, and thereby aid in the restoration of the MMIF and help ensure the continued availability of this important program. Several of the proposed regulatory changes have already been implemented through Mortgagee Letter pursuant to the authority conferred to HUD by the Reverse Mortgage Stabilization Act of 2013 to establish different or alternative requirements for the HECM program. This proposed rule would update the regulations by codifying these changes announced through Mortgagee Letter. HUD is also proposing several other regulatory changes. | |
| Agency: Department of Housing and Urban Development(HUD) | Priority: Other Significant |
| RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
| Major: No | Unfunded Mandates: No |
| CFR Citation: 24 CFR 206.19 24 CFR 206.32 24 CFR 206.25 24 CFR 206.27 24 CFR 206.29 24 CFR 206.38.24 24 CFR 206.51 24 CFR 206.53 24 CFR 206.105 24 CFR 206.107 24 CFR 206.124 24 CFR 206.129 24 CFR 206.140, 206.142 24 CFR 206.203, 19 24 CFR 206.58 24 CFR 206.47 | |
| Legal Authority: 12 USC 1715b, 1715z to 1720 42 USC 3535(d) | |
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Legal Deadline:
None |
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Timetable:
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| Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
| Small Entities Affected: No | Federalism: No |
| Included in the Regulatory Plan: No | |
| RIN Data Printed in the FR: No | |
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Agency Contact: Patricia J. McClung Acting Office of Single Family Programs, Office of Housing Department of Housing and Urban Development Office of Housing 451 7th Street SW., Washington, DC 20410 Phone:202 708-2121 |
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