Relevant:
- Reverse Mortgages: Seniors Now Expected to Pay Taxes and Insurance
- FHA is back "in the black" -- but not out of the woods (AH, QUAINT GUB'MINT ACCOUNTING!)
- U.S. Gov's Budget Deficit Overshoots by 100%; Trillion-Dollar Deficits Expected Indefinitely
- Ginnie Mae Suspends Approvals of New Reverse Mortgage Issuers
- FHA Raises Annual Premiums Charged to Reverse Mortgage Borrowers
2013-09-26 — americanbanker.com
``That gap is due almost entirely to losses in the FHA's reverse mortgage program. Many seniors who received the loans in a lump sum were later unable to pay taxes and insurance, resulting in a wave of defaults. The reverse mortgage program was projected to have a $5.2 billion deficit this year. By comparison, the FHA's mortgage program was projected to have a surplus of $4.3 billion.''
source article |
permalink |
discuss |
subscribe by:
|
RSS |
email 
Comments: Be the first to add a comment
add a comment | go to forum thread
Note: Comments may take a few minutes to show up on this page. If you go to the forum thread, however, you can see them immediately.