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What are the Reverse Mortgage Property Requirements?

 

I would like to know the exact requirements re:such things as central heating, water wells, septic systems, etc   To hear these reverse mortgages advertised one might get the impression that getting one is very simple  However after some preliminary inquiries it’s beginning to look like everything else where the government is involved – it can […]

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HECM Financial Assessment > Extenuating Circumstances

 

Extenuating Circumstances Can Help You Qualify for a Reverse Mortgage Under the new reverse mortgage rules set to take effect April 27, lenders will be required to conduct a thorough analysis of your financial profile before you can qualify—an analysis known as the reverse mortgage “financial assessment.” This assessment weighs things like proof of income […]

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HECM Financial Assessment > Credit Requirements

 

  Reverse Mortgage Credit History: How Will a Lender Examine My Credit History and What Do I Need to Know?   Whether you’re looking to supplement your retirement income, make repairs to your home or buy a new house altogether, a reverse mortgage can help.   But there will soon be a few additional steps […]

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HECM Financial Assessment > Tax-Insurance Set-Asides

 

If you’re tapping into your home equity through a reverse mortgage, you have probably heard by now about the new reverse mortgage “financial assessment” that is soon to be part of the process of getting a government-insured Home Equity Conversion Mortgage (HECM).   The financial assessment, which is similar to the assessment that a “forward” […]

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HECM Financial Assessment > Residual Income Requirements

 

    If you’re applying for a reverse mortgage for the first time, you will soon be subject to a new financial assessment that applies to all borrowers as of April 27, 2015   The financial assessment for a reverse mortgage is a lot like the process for getting a traditional or “forward” mortgage. It’s a […]

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How to Get Your Case Number Before Financial Assessment Begins

 

We have been sending updates regularly and this will probably be our last call to action before the Financial Assessment (FA) guidelines go into effect for the HUD Home Equity Conversion Mortgage (HECM or “Heck-um”) reverse mortgage program.  The new program parameters will require HECM borrowers to “qualify” for the reverse mortgage loans with income […]

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2015 Reverse Mortgage Financial Assessment -How it Works

 

  Big changes are coming to reverse mortgages in April 27, 2015, and they could impact the ability to qualify for some interested borrowers.   Beginning April 27, 2015, lenders will begin conducting a mandatory financial assessment of all borrowers as part of the loan application process.   Historically, borrowers qualified for a reverse mortgage […]

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When will HUD Reintroduce the Condo Spot Approval?

 

I have been told conflicting issues on this subject.  I own a condo which is my primary residence.  We went through litigation with our developer and won.  We reconstructed the entire complex.  One reverse mortgage lender told me that they could do a spot FHA reverse mortgage which could take 6 months.  Another told me […]

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