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HUD Selling Vacant Properties Once Backed by HECMs

HUD Selling Vacant Properties Once Backed by HECMs

The Department of Housing and Urban Development announced in the Federal Register this week that it will be selling 1,237 reverse mortgage notes secured by vacant properties with a loan balance of approximately $318 million.

This is the tenth sale offering of its type and will be held on May 23, 2023.

The Secretary will prioritize up to 50 percent of the offered assets for award to nonprofit organizations or governmental entity bidders with a documented housing mission.

Each note is secured by a property where the HECM borrower is deceased and not survived by a non-borrowing spouse.

 

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Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.