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CFPB warns consumers about home equity contracts, comparing their features to reverse mortgages

Housing Wire

The companies advertise no monthly payments and require consumers to assume all costs for property taxes, hazard insurance, and property maintenance, and require a large settlement payment, similar to the loans originated in the early 2000s that were negative amortizing and required a balloon payment at the end of the loan term, the report said.

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NRMLA opposes New York reverse mortgage disclosures bill

Housing Wire

The summary would provide notice of mortgagors right and responsibilities under reverse mortgage loans issued under the [HECM] program of the federal Department of Housing and Urban Development (HUD). When you propose a state law that could make the transaction null and void because of a disclosure, then that’s a problem, he said.

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Housing Hurdles for Older Homeowners 

Appraisal Buzz

Creative Housing Solutions: As demonstrated by Californias recent law relaxing local limitations, remove obstacles to the development of Accessory Dwelling Units (ADUs) to give older folks more flexible housing options. High property taxes are another factor at work, as 55% of respondents cite them as a cause for moving.

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Bankruptcy judge approves Celink stipulation in RMF bankruptcy case

Housing Wire

Department of Housing and Urban Development (HUD) to greater risk this year according to a report from the HUD Office of the Inspector General (OIG). ” Another case alleges that Celink and RMF improperly paid property taxes for reverse mortgage borrowers before they became due without legal justification or notice.

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Opinion: More financing options for ADUs are needed

Housing Wire

In the ongoing struggle for attainable housing, one positive development has been the increased availability of funding options for homeowners seeking to incorporate Accessory Dwelling Units (ADUs) into their properties. Some smart lenders, especially among credit unions, have developed some great products for ADU financing.

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9 tips for homebuyers in non-disclosure states

Housing Wire

While these online tools aren’t a definitive statement of a home’s value, they can be a great starting point, especially when combined with other data like a home’s list price, square footage, number of bedrooms and baths, property tax history, and any price reductions.

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PA judge decides reverse mortgage gets first-priority in foreclosure dispute

Housing Wire

A reverse mortgage loan has first-priority status in a Pennsylvania foreclosure dispute, after initially being rejected by the trial court according to court documents reviewed by HousingWire s Reverse Mortgage Daily (RMD), and an analysis by attorneys at law firm Wilentz, Goldman & Spitzer, P.A. with a traditional mortgage.

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