Type:Notice
Citation:86 FR 6915
Reading Time:about 4 minutes
The Department of Housing and Urban Development (HUD) has sent a proposed data collection plan to the Office of Management and Budget (OMB) for review. This is related to the Home Equity Conversion Mortgage (HECM) program, which helps seniors access home equity through reverse mortgages. The plan outlines new requirements for property inspections to ensure the safety and eligibility of homes involved in this program. HUD is inviting public comments on the proposal, including suggestions on improving the process and minimizing any burdens on respondents, until February 24, 2021.
Simple Explanation
HUD wants to change some rules so older people can use money from their homes safely. They are asking people to share their thoughts about this for the next 30 days.