Department of Housing and Urban Development October 28, 2024 – Federal Register Recent Federal Regulation Documents

This notice announces HUD's intention to competitively offer approximately 1,180 home equity conversion mortgages (HECM, or reverse mortgage loans) secured by occupied properties with a loan balance of approximately $500 million. The sale will consist of due and payable Secretary-held reverse mortgage loans. The mortgage loans consist of first liens secured by real property that is occupied, where the borrower and co-borrowing spouse are deceased, and heirs have not come forward in the time elapsed. The Secretary will prioritize up to 50 percent of the offered assets for award to nonprofit organizations or governmental entity bidders with a documented housing mission. This notice also generally describes the bidding process for the sale and certain entities who are ineligible to bid. This is the first sale offering of its type and will be held on December 11, 2024.