HUD announced that all HECM appraisals completed before June 30th will be allowed as DRIVE-BY INSPECTIONS

June 9, 2020 (Viz Release) – – In a bold move to help older Americans –who may feel more financially vulnerable, to access the cash they need during the Covid-19 pandemic, HUD has waived all interior inspections for the FHA-insured Home Equity Conversion Mortgage(HECM). The HECM is the Saving Grace for older Americans struggling to maintain their lifestyle, pay for care, and enjoy the peace-of-mind they deserve.

The HECM is HUD’s answer for mature American’s who may have recently lost their part-time job, or watched their investments and savings accounts shrink in value. Trying to maintain a comfortable lifestyle and pay mortgage payments during this crisis can feel overwhelming at best. The HECM can eliminate monthly mortgage payments for the entire open-ended loan term, giving Boomers and Seniors the financial breathing room they need.

With new higher lending limits and added protections for younger spouses, HUD’s new guidance offering Drive-by appraisal inspections is designed to speed and simplify processing of these much needed non-recourse loans.

Our nation’s older residents deserve a break and HUD has stepped up to make sure they can access the funds they need during these challenging times.

To receive more information, contact:
Mary Jo Lafaye

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