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HUD HECM Products Benefit Seniors by Maximizing Equity Access

  • Published: 2010-09-22 : Author: The Coalition for Independent Seniors
  • Synopsis: HUD new HECM Saver product and updated Standard product offer seniors and consumers needed flexibility and financially beneficial options.

Main Document

Coalition for Independent Seniors: New HUD HECM Products Benefit Seniors by Maximizing Equity Access.

Jeff Lewis, Chairman of The Coalition for Independent Seniors (CIS) issued the following statement in response to the September 21 U.S. Department of Housing and Urban Development (HUD) announcement regarding new Home Equity Conversion Mortgage (HECM) Program products:

"HUD's new HECM 'Saver' product and the updated 'Standard' product offer seniors and consumers needed flexibility and financially beneficial options for utilizing their equity wealth. The 'Standard' will provide an increase in proceeds to borrowers under 90 and the 'Saver' will lower costs through reduced upfront Mortgage Insurance Premium. So, whether seniors are seeking higher proceeds or upfront cost savings the Home Equity Conversion Mortgage has gotten better for them.

"The new products will boost economic power for America's seniors by making more equity value available through the HECM program, will lower upfront loan costs and offer more flexibility to consumers. HUD's announcement is welcome news in an economy where both capital and credit are scarce and for a market where seniors are looking for options that maximize their equity."

About The Coalition for Independent Seniors

The Coalition for Independent Seniors (CIS) is a non-partisan, non-political, public advocacy coalition dedicated to preserving independence, financial stability and economic security for seniors while protecting their ability to live financially independent lives.

To learn more about The Coalition for Independent Seniors, visit www.cforis.org

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