IMMEDIATELY AFTER THE U.S. Department of Housing and Urban Development (HUD) came out with its updated Single-Family Housing Policy Handbook 4000.1 in the fall, experts started working through the section on reverse mortgages so NRMLA members and others could stay informed about how to proceed. In the days, weeks and months afterward, they have looked for anything within the manual that would need clarification before the new guidelines become fully effective on April 29, 2024. As they have worked to get additional comments to HUD as quickly as possible before that date, the committee members also marveled at how much the handbook has improved communication about reverse mortgage rules and regulations. Elly Johnson, who co-chairs NRMLA’s HUD Issues Committee, points out that one of the biggest improvements is that people can now find all of the guidance in one place. HECM Handbook Arrives Experts Discuss Key Points By Thomas A. Barstow 28 REVERSE MORTGAGE / MARCH-APRIL 2024
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