HUD Makes Higher Reverse Mortgage Limits Official from Jerry Mayer with HUD
HUD published Mortgagee Letter 2009-07 which raises the national FHA loan limit for HECMs to $625,500 as of February 24, 2009. It is effective for all loans closing after that date.
In the previous posting, HUD made an error and this is the correction:
Delete the paragraph referring to loan limits for AK, HI, Guam and VI. The limits in those areas will not exceed $625,500. To read a copy of the Mortgagee Letter go to:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-07ml.doc
Thursday, February 26, 2009
Wednesday, February 25, 2009
Mortgagee Letter 2009-07 Raises Limits to $625,500
HUD has issued a new Mortgagee Letter addressing loan limits for reverse mortgages. Mortgagee Letter 2009-07, officially raises the national limit for Home Equity Conversion Mortgages from $417,000 to $625,500 for the remainder of this year. The new limit took effect on February 24, 2009.
According to the Mortgagee Letter, HUD will allow any loan with a case number assigned prior to the publication of ML 2009-07 to close at either $417,000 or $625,500 until April 30th, 2009.
Loan limits for the special exception areas of Alaska, Hawaii, Guam and the Virgin Islands have a potential higher ceiling in 2009 of $1,094,625 (1 unit), $1,401,300 (2 unit), $1,693,875 (3 unit), $$2,105,100 (4 unit). At the present time no counties in these areas qualify for limits above the national ceiling od $729,750.
HUD has issued a new Mortgagee Letter addressing loan limits for reverse mortgages. Mortgagee Letter 2009-07, officially raises the national limit for Home Equity Conversion Mortgages from $417,000 to $625,500 for the remainder of this year. The new limit took effect on February 24, 2009.
According to the Mortgagee Letter, HUD will allow any loan with a case number assigned prior to the publication of ML 2009-07 to close at either $417,000 or $625,500 until April 30th, 2009.
Loan limits for the special exception areas of Alaska, Hawaii, Guam and the Virgin Islands have a potential higher ceiling in 2009 of $1,094,625 (1 unit), $1,401,300 (2 unit), $1,693,875 (3 unit), $$2,105,100 (4 unit). At the present time no counties in these areas qualify for limits above the national ceiling od $729,750.
Tuesday, February 24, 2009
More Information on Reverse Purchases
Much has been speculated about how this program works, in many ways it is just like the refinance version but there are specific differences. It is designed to allow seniors to purchase and obtain a reverse mortgage within a single transaction by eliminating the need for a second closing. It also allows seniors to relocate to be closer to family or to downsize to meet their physical needs.
The senior can acquire a fixed rate as well as the ARM. There are some items that need to be addressed:
1. If there is a non-borrowing spouse, you must obtain a credit report to review anything that might affect the house
2. Borrowers must occupy the house in 60 days or less
3. Plans and specs are not required and house must be 100% complete
3. Purchase may be cancelled at any time up to closing
4. The title company is responsible for disbursing funds
5. You cannot take application for unfinished construction
6. Escrow accounts are available
7. Condition of home must meet FHA guidelines
One major difference in this new program is that they will allow a 2nd lien with these stipulations. It must be after the MIC has been issued and lenders are required to ensure that additional secured liens are subordinate to the HECM first and second liens. Such financing cannot occur concurrently with the HECM closing.
A HECM can be used to pay off outstanding obligations associated with a land contract if the mortgage will be held in fee simple, or on a leasehold under a lease for not less than 99 years which is renewable or under a lease having the remaining period of not less than 50 years beyond the 100th birthday of the youngest borrower.
Ineligible property types are:
Coops
New construction with no Cert. Of Occupancy
Boarding houses
B&B establishments
Manufactured houses before 1976
Manufactured houses that fail to conform to the Manufactured Home Construction Safety Standards as evidenced by data plate and HUD certification label or lack a permanent foundation per HUD guidelines
The Amendatory Clause is required for all HECM transactions. An appraisal is also required.
If you suspect the senior is involved in a flipping scam, we must notify HUD.
Gifts are not an acceptable source of funding. The senior must use only their own money, money obtained from the sale of assets. The seller cannot contribute any funds.
The maximum claim amount and principal limit, for HECM transactions only, will be the lesser of the appraised value, sales price or FHA mortgage limit for a one family residence. The principal limit is determined by multiplying the Maximum claim amount by the principal limit factor corresponding to the age of the youngest mortgagor and the expected interest rate. This replaces instructions found in Mortgagee Letter 2008-33.
If the sale of present home occurs at the same time as the HECM purchase a copy of the previous home’s HUD1, the sales contract executed by all parties and cashier’s check can verify the funding source.
The new Mortgagee Letter should be issued in a few days.
The senior can acquire a fixed rate as well as the ARM. There are some items that need to be addressed:
1. If there is a non-borrowing spouse, you must obtain a credit report to review anything that might affect the house
2. Borrowers must occupy the house in 60 days or less
3. Plans and specs are not required and house must be 100% complete
3. Purchase may be cancelled at any time up to closing
4. The title company is responsible for disbursing funds
5. You cannot take application for unfinished construction
6. Escrow accounts are available
7. Condition of home must meet FHA guidelines
One major difference in this new program is that they will allow a 2nd lien with these stipulations. It must be after the MIC has been issued and lenders are required to ensure that additional secured liens are subordinate to the HECM first and second liens. Such financing cannot occur concurrently with the HECM closing.
A HECM can be used to pay off outstanding obligations associated with a land contract if the mortgage will be held in fee simple, or on a leasehold under a lease for not less than 99 years which is renewable or under a lease having the remaining period of not less than 50 years beyond the 100th birthday of the youngest borrower.
Ineligible property types are:
Coops
New construction with no Cert. Of Occupancy
Boarding houses
B&B establishments
Manufactured houses before 1976
Manufactured houses that fail to conform to the Manufactured Home Construction Safety Standards as evidenced by data plate and HUD certification label or lack a permanent foundation per HUD guidelines
The Amendatory Clause is required for all HECM transactions. An appraisal is also required.
If you suspect the senior is involved in a flipping scam, we must notify HUD.
Gifts are not an acceptable source of funding. The senior must use only their own money, money obtained from the sale of assets. The seller cannot contribute any funds.
The maximum claim amount and principal limit, for HECM transactions only, will be the lesser of the appraised value, sales price or FHA mortgage limit for a one family residence. The principal limit is determined by multiplying the Maximum claim amount by the principal limit factor corresponding to the age of the youngest mortgagor and the expected interest rate. This replaces instructions found in Mortgagee Letter 2008-33.
If the sale of present home occurs at the same time as the HECM purchase a copy of the previous home’s HUD1, the sales contract executed by all parties and cashier’s check can verify the funding source.
The new Mortgagee Letter should be issued in a few days.
Sunday, February 22, 2009
New Max Limits Coming for Reverses Through 2009
Earlier this week, President Obama signed the $787 billion American Recovery and Reinvestment Act, which raises the national loan limit for HECMs to 150% of the Freddie Mac Loan limit or $625,500. The higher limit is for the remainder of 2009 only, in order for it to be extended it would have to go back to Congress for approval.
I know everyone is wondering, when will the higher loan limits be implemented? HUD will have to issue a mortgagee letter before the increase goes into effect. It should be within the next few days, probably late February.
The National Reverse Mortgage Lenders Association is working with HUD on the timing for issuing the Mortgagee Letter and has more details on how the stimulus bill will be implemented.
I know everyone is wondering, when will the higher loan limits be implemented? HUD will have to issue a mortgagee letter before the increase goes into effect. It should be within the next few days, probably late February.
The National Reverse Mortgage Lenders Association is working with HUD on the timing for issuing the Mortgagee Letter and has more details on how the stimulus bill will be implemented.
Wednesday, February 18, 2009
HECM for Purchase Frequently Asked Questions
Many of you have asked me about Reverse Purchases. Yes, they are available, Allied is doing them. Here are the FAQs on Purchases.
What is HECM for Purchase?
HECM for Purchase allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage.
What is the purpose of the program?
The program was designed to allow seniors to purchase a new principal residence and obtain a reverse mortgage within a single transaction by eliminating the need for a second closing. The program was also designed to enable senior homeowners to relocate to other geographical areas to be closer to family members or downsize to homes that meet their physical needs, i.e., handrails, one level properties, ramps, wider doorways, etc.
PROCESSING
Is the fixed interest rate eligible in a HECM for purchase loan?
Yes.
Should lender obtain a credit report for non-borrowing spouses?
Yes. Although one spouse will become the HECM mortgagor, the lender must obtain the credit report for a review of financial obligations, monetary judgments and liens that could jeopardize the HECM lien status/clear and marketable title.
What docs should be used to document the 60-day physical requirement to occupy the property after closing?
The HECM security instrument requires the HECM mortgagor to establish a legitimate principal residence in the home. Lenders are encouraged to ensure the HECM mortgagor lives in the home prior to submitting the case binder for endorsement. Lenders may, but are not required to, obtain a letter from the HECM mortgagor stating he/she lives in the home.
Are lenders required to submit form HUD 92541, Building Certification of Plans, Specifications & Site and 10-year warranties or other Certificate of Occupancy in the case binder?
No. Newly constructed properties must be 100% complete at the time of inspection and initial application.
Under what conditions may a senior cancel the purchase transaction?
The senior may decide to cancel the purchase transaction at any time prior to the date of closing. If the senior decides to cancel the transaction, he/she must notify all parties in writing. Where earnest money has been provided, the senior should review the sales contract to determine if the earnest money is refundable. The Federal Reserve Board of Governors should be contacted for right of rescission and Truth in Lending Act guidance.
Are the mortgage proceeds paid to the seller through escrow?
The title company (settlement agent) is responsible for disbursing funds in accordance with state law.
Is this a HECM for purchase or a traditional HECM?
A senior purchases a principal residence using 100% seller financing, signs a HECM loan application the next day or shortly thereafter and meets all eligibility criteria for obtaining a HECM. Does the Federal Housing Administration (FHA) consider this transaction to be a traditional HECM or a HECM for purchase transaction?
This scenario describes a traditional HECM. Consistent with existing policy guidance, the HECM loan proceeds will satisfy a recorded lien that was created from the seller financing. Lenders may request a copy of the executed HUD-1 and warranty deed, or its equivalent, to ensure transfer of title to the prospective HECM mortgagor.
Once a principal residence has been purchased using HECM loan proceeds, can the property serve as collateral for another secured loan?
Yes, only after the mortgage insurance certificate has been issued. Lenders are responsible for ensuring additional secured liens are subordinate to the HECM first and second liens. Such financing may not occur concurrently with the HECM closing.
PROPERTY
What property types are eligible?
Existing one-to-four unit properties where construction has been completed and the property is habitable as evidenced by local jurisdiction issuance of certificate of occupancy or its equivalent.
Can a HECM for purchase be used to satisfy outstanding payment obligations associated with a land contract?
Yes, if the property will be used as collateral for the HECM and the mortgage will be held in fee simple, or on a leasehold under a lease for not less than 99 years which is renewable, or under a lease having the remaining period of not less than 50 years beyond the date of the 100th birthday of the youngest mortgagor.
Can a lender take application on a property that is under construction and not habitable?
No. The lender may only take application once the Certificate of Occupancy or its equivalent has been issued.
What is HECM for Purchase?
HECM for Purchase allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage.
What is the purpose of the program?
The program was designed to allow seniors to purchase a new principal residence and obtain a reverse mortgage within a single transaction by eliminating the need for a second closing. The program was also designed to enable senior homeowners to relocate to other geographical areas to be closer to family members or downsize to homes that meet their physical needs, i.e., handrails, one level properties, ramps, wider doorways, etc.
PROCESSING
Is the fixed interest rate eligible in a HECM for purchase loan?
Yes.
Should lender obtain a credit report for non-borrowing spouses?
Yes. Although one spouse will become the HECM mortgagor, the lender must obtain the credit report for a review of financial obligations, monetary judgments and liens that could jeopardize the HECM lien status/clear and marketable title.
What docs should be used to document the 60-day physical requirement to occupy the property after closing?
The HECM security instrument requires the HECM mortgagor to establish a legitimate principal residence in the home. Lenders are encouraged to ensure the HECM mortgagor lives in the home prior to submitting the case binder for endorsement. Lenders may, but are not required to, obtain a letter from the HECM mortgagor stating he/she lives in the home.
Are lenders required to submit form HUD 92541, Building Certification of Plans, Specifications & Site and 10-year warranties or other Certificate of Occupancy in the case binder?
No. Newly constructed properties must be 100% complete at the time of inspection and initial application.
Under what conditions may a senior cancel the purchase transaction?
The senior may decide to cancel the purchase transaction at any time prior to the date of closing. If the senior decides to cancel the transaction, he/she must notify all parties in writing. Where earnest money has been provided, the senior should review the sales contract to determine if the earnest money is refundable. The Federal Reserve Board of Governors should be contacted for right of rescission and Truth in Lending Act guidance.
Are the mortgage proceeds paid to the seller through escrow?
The title company (settlement agent) is responsible for disbursing funds in accordance with state law.
Is this a HECM for purchase or a traditional HECM?
A senior purchases a principal residence using 100% seller financing, signs a HECM loan application the next day or shortly thereafter and meets all eligibility criteria for obtaining a HECM. Does the Federal Housing Administration (FHA) consider this transaction to be a traditional HECM or a HECM for purchase transaction?
This scenario describes a traditional HECM. Consistent with existing policy guidance, the HECM loan proceeds will satisfy a recorded lien that was created from the seller financing. Lenders may request a copy of the executed HUD-1 and warranty deed, or its equivalent, to ensure transfer of title to the prospective HECM mortgagor.
Once a principal residence has been purchased using HECM loan proceeds, can the property serve as collateral for another secured loan?
Yes, only after the mortgage insurance certificate has been issued. Lenders are responsible for ensuring additional secured liens are subordinate to the HECM first and second liens. Such financing may not occur concurrently with the HECM closing.
PROPERTY
What property types are eligible?
Existing one-to-four unit properties where construction has been completed and the property is habitable as evidenced by local jurisdiction issuance of certificate of occupancy or its equivalent.
Can a HECM for purchase be used to satisfy outstanding payment obligations associated with a land contract?
Yes, if the property will be used as collateral for the HECM and the mortgage will be held in fee simple, or on a leasehold under a lease for not less than 99 years which is renewable, or under a lease having the remaining period of not less than 50 years beyond the date of the 100th birthday of the youngest mortgagor.
Can a lender take application on a property that is under construction and not habitable?
No. The lender may only take application once the Certificate of Occupancy or its equivalent has been issued.
What property types are ineligible?
* Cooperative units
* Newly constructed residences where a Certificate of Occupancy or its equivalent hasn't been issued by the appropriate local authority
* Boarding houses
* Bed and breakfast establishments
* Existing manufactured homes built before June 15, 1976; and
* Existing manufactured homes built after June 15, 1976 that fail to conform to the Manufactured Home Construction Safety Standards, as evidenced by affixed certification labels (e.g., data plate and HUD certification label) and/or lack a permanent foundation as required in HUD's Permanent Foundations for Manufactured Housing Guide.
Are set asides for property charges allowed (i.e., ground rent, tax, insurance, Homeowner Association fees, etc.)?
Yes. Mortgagors will continue to have the option of electing to have the lender withhold funds from their monthly payments or by charging such funds to the line of credit.
Are set asides for repairs allowed?
To be eligible for federal insurance, the property must meet FHA minimum property requirements. The completion of major property deficiencies that threaten the health and safety of the homeowner and/or jeopardize the soundness and security of the property must be completed by the seller prior to closing. The appraisal will be "Subject To" the completion of these repairs.
Major repair examples:
No running water
Leaking roof
No primary heating source
Inadequate electrical (including lighting)
Inoperable doors and windows (inhibited ingress and egress)
State or local code violations
Is the Amendatory Clause required?
Yes. An appraisal is required for all HECM transactions, including purchase transactions. The execution of the Amendatory Clause does not negate federal and state mandates on providing a copy of the appraisal to the consumer.
Are there special procedures for foreclosure homes that will serve as collateral for a purchase transaction?
No. FHA has sufficient valuation guidelines related to comparable sales and declining markets to address the resale of foreclosed properties. HUD has imposed a standard of accountability to which lenders, sponsor lenders, and loan correspondents will be held is the same as the standard used to impose civil money penalties for program violations, and that standard is one of knowing (actual knowledge) or had reason to know.
If the lender suspects the senior has become involved in a property flipping scam, who should be contacted?
If a lender suspects a senior has become a victim to a property flipping scam, contact the Processing and Underwriting Division of the local Home Owner Center. Complaints may also be reported to HUD's Inspector General Hotline at: HUD Office of Inspector General Hotline, GFI, 451 7th Street, SW Washington, DC 20410 Phone: 1 (800) 347-3735 or TDD: (202) 708-2451 .
FUNDING
Are gifts an acceptable source of funding?
No. Prospective mortgagors may only use their own money or money obtained from the sale of assets. FHA prohibits the use of loan discount points, interest rate buy downs, closing cost assistance, builder incentives, gifts or personal property given by the seller that would benefit financially from the transaction.
What would be an "allowable FHA funding source" for gap financing of the equity portion?
A withdrawal from the mortgagor's savings or retirement account would be an acceptable funding source.
How is the maximum claim amount and principal limit calculated?
For HECM purchase transactions only, The maximum claim amount will be the lesser of the appraised value, sales price or FHA mortgage limit for a one family residence. The principal limit is determined by multiplying the maximum claim amount by the principal limit factor corresponding to the age of the youngest mortgagor and the expected interest rate. This guidance replaces the policy guidance found in Mortgagee Letter 2008-33.
Can prospective mortgagors apply credit card cash advances towards the required monetary investment or closing costs?
No. This would be a violation of 24 Code of Federal Regulations 206.32(a), which requires all outstanding obligations connected to the HECM transaction, purchase or otherwise, to be satisfied prior to or on the date of closing.
Are seller concessions allowed?
No. Seller concessions are applicable to forward mortgages only.
Is seller financing permitted?
No.
Is the Real Estate Certification required?
Yes.
When purchasing a new principal residence, if the HECM proceeds do not cover the sales price, can part or all of the property's indebtedness be subordinated behind the first and second HECM liens if the existing lien holder is willing to execute a subordinate agreement?
No. All existing liens must be satisfied at the HECM closing.
If the source of funds comes from the sale of the homeowner's principal residence or other owned property, and the sale is occurring the same day as the closing on the HECM, can a copy of the executed HUD-1 and cashier's or certified check, evidencing the sale, be used to verify the funding source?
Yes. In addition to the HUD-1, a copy of the sales contract executed by all parties and a copy of the cashier's or certified check bearing the name of the seller can be used to verify the funding source.
Can prospective mortgagors obtain a secured or non-secured loan from another asset (i.e., car, home equity line of credit, or investment property or second home) to satisfy the monetary investment or closing costs?
No. Consistent with existing policy, bridge loans and other interim financing methods associated with HECM transactions are prohibited, unless the unpaid or outstanding obligation can be satisfied prior to or on the day of closing.
In lieu of providing a Verification of Deposit with the most recent bank statement, what other alternative documentation will FHA accept? Note: Full Doc vs. Alt Doc-one is a compliment for the other.
FHA will accept the two most recent, consecutive original bank statement(s), belonging to the borrower, which covers the most recent (three-month period) and previous month's balance. Bank statements that are more than 120 days old prior to the closing date are not acceptable.
Is the finance transaction of Loan A prohibited in this scenario?
Senior currently owns Home A. Senior wishes to purchase Home B. Senior borrows money (with Loan A) and uses Home A as collateral for Loan A, and uses the money from Loan A for a down payment on Home B. The remainder of the Purchase proceeds for Home B, which will be the senior's principal residence, comes from a HECM for Purchase transaction.
Yes. Although Loan A served as a secured loan tied to Home A, the money was applied towards the HECM for purchase transaction and would violate 24 CFR 206.32 (a) which provides that there shall be no outstanding or unpaid obligations incurred by the HECM mortgagor in connection with the HECM transactions.
MISCELLANEOUS
Can the HECM mortgagor participate in a rent back/leaseback agreement with the seller?
No. When purchasing a new principal residence, the HECM mortgagor has 60 days to occupy the home. Unlike a forward mortgage, there is an increased risk to FHA when the home is not occupied by the HECM mortgagor. Prior to closing, the HECM mortgagor and seller should agree to a date for physical occupancy of the property and the lender should confirm occupancy prior to their submission of the case binder to the local HOC for endorsement.
Does FHA have special eligibility requirements for first-time homebuyers?
No. FHA encourages all first-time homebuyers to meet with a reverse mortgage counselor that offers pre-purchase counseling to educate themselves on the responsibilities of becoming a homeowner. Prior to signing a sales contract, FHA encourages a home inspection of all properties that will serve as collateral for HECM for purchase transactions. The inspection serves two purposes, to determine the magnitude, if any, of repairs and/or rehabilitation the home as well as helps the buyer to negotiate the purchase price in situation where a home requires repair or rehabilitation.
Stimulus Package Affects HECM Maximum Loan Amounts
Please note change in maximum HECM limit for remainder of the year below at first bullet:
The $787 billion economic stimulus bill signed into law yesterday by President Barack Obama will have at minimum the following impact:
· Restores the 2008 government-sponsored enterprises and Federal Housing Administration loan limits for the 2009 calendar year, to as much as $729,500 for some high-cost areas, and increases the Home Equity Conversion Mortgage limit to $625,500 (previously $417,000).
· It increases the First Time Home Buyer Credit enacted under the Housing and Economic Recovery Act to $8,000 (from $7,500) and extends the credit to December 1, with no repayment requirement.
· The law expands the tax credit for making energy efficient home improvements to 30 percent of the improvements, up to a maximum of $1,500. Eligible improvements include energy efficient doors and windows; insulation, heat pumps, furnaces, central air conditioners and water heaters. Here’s another reason why you should be doing the FHA 203K “Streamline” rehabilitation loan
· This legislation contains a record-setting $10.472 billion in funding for the USDA Guaranteed Rural Housing Program. These funds are in addition to funds the program has already received through the Continuing Resolution, as well as additional funding expected from FY 09 Appropriations legislation or further Continuing Resolution legislation.
The $787 billion economic stimulus bill signed into law yesterday by President Barack Obama will have at minimum the following impact:
· Restores the 2008 government-sponsored enterprises and Federal Housing Administration loan limits for the 2009 calendar year, to as much as $729,500 for some high-cost areas, and increases the Home Equity Conversion Mortgage limit to $625,500 (previously $417,000).
· It increases the First Time Home Buyer Credit enacted under the Housing and Economic Recovery Act to $8,000 (from $7,500) and extends the credit to December 1, with no repayment requirement.
· The law expands the tax credit for making energy efficient home improvements to 30 percent of the improvements, up to a maximum of $1,500. Eligible improvements include energy efficient doors and windows; insulation, heat pumps, furnaces, central air conditioners and water heaters. Here’s another reason why you should be doing the FHA 203K “Streamline” rehabilitation loan
· This legislation contains a record-setting $10.472 billion in funding for the USDA Guaranteed Rural Housing Program. These funds are in addition to funds the program has already received through the Continuing Resolution, as well as additional funding expected from FY 09 Appropriations legislation or further Continuing Resolution legislation.
Friday, February 13, 2009
Reverse Mortgage Loan Limit
When the Senate passed its version of the economic stimulus bill earlier this week, people in the industry were concerned because it didn’t include a provision to raise the HECM loan limit. Yesterday, members of the U.S. House and Senate participated in a conference committee to work out the compromise for the stimulus package.
Peter Bell, President of NRMLA, sent an email to the committee and after receiving the email, they saw fit to retain the House language which adjusts the maximum claim limit for HECMs to "150% of the Freddie Mac limit," currently that would be $625,500, for the balance of this year.
Over the next few days the conference report must be accepted by votes in both the House and Senate. Then, the bill can be sent to President Obama for his signature.
There are many questions about how this will be implemented; the most asked one, of course, being, "when?" There are no answers to this yet. A lot has to be done to implement this new law. It is several hundred pages and affects every aspect of our economy, including many areas, besides HECM, that HUD will have to implement.
When the Senate passed its version of the economic stimulus bill earlier this week, people in the industry were concerned because it didn’t include a provision to raise the HECM loan limit. Yesterday, members of the U.S. House and Senate participated in a conference committee to work out the compromise for the stimulus package.
Peter Bell, President of NRMLA, sent an email to the committee and after receiving the email, they saw fit to retain the House language which adjusts the maximum claim limit for HECMs to "150% of the Freddie Mac limit," currently that would be $625,500, for the balance of this year.
Over the next few days the conference report must be accepted by votes in both the House and Senate. Then, the bill can be sent to President Obama for his signature.
There are many questions about how this will be implemented; the most asked one, of course, being, "when?" There are no answers to this yet. A lot has to be done to implement this new law. It is several hundred pages and affects every aspect of our economy, including many areas, besides HECM, that HUD will have to implement.
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