HUD Reviews Data Demands for Granny's Reverse Loans
Published Date: 12/4/2025
Notice
Summary
HUD wants your thoughts on updating how they collect info from companies managing Home Equity Conversion Mortgages (HECMs), which help older homeowners tap into their home’s value. This update aims to keep things clear and efficient, with comments open until January 5, 2026. If you’re involved in HECM loans, this could affect how you report and handle paperwork, but no new fees are mentioned.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
HECM Servicers Face Reporting Burden
HUD is asking OMB to approve a reinstated information collection (OMB Control No. 2502-0611) for mortgagees that service Home Equity Conversion Mortgages (forms HUD-50002 and HUD-50012). The agency estimates the total annual respondent burden at 1,205,638.75 hours and an annual cost to respondents of $29,586,374.93; public comments are due January 5, 2026.
HECM Borrowers May See Paperwork Changes
HUD's proposed information collection covers servicing activities for HECM borrowers such as collection and payment of mortgage insurance premiums, escrow administration, providing loan information, and customer service. If you are a homeowner with a mortgage, this could change how you report or provide paperwork to your servicer; HUD is requesting comments by January 5, 2026.
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