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…………….
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