New FHA proposal puts reverse mortgages above HOA super liens

The Federal Housing Administration proposed a new rule today that could strengthen its Home Equity Conversion Mortgage Program.  Perhaps one of the largest reforms, is the prioritization of the HECM lien above all others — the establishment of a so-called “super lien.”   “This rule proposes to require, as a condition for a HECM to be eligible for loan assignment, that the HECM mortgage be in lien status prior to homeowners association and condo association liens,” the proposal states.  Read the article…………….