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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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HUD Announces New Option for HECM Non-Borrowing Spouse


On August 4, 2014 HUD implemented a new policy for reverse mortgage borrowers with ineligible or “non-borrowing” spouses that allowed the eligible non-borrowing spouse to remain in the home even after the death of the borrowing spouse for as long as they lived (providing they met certain requirements) but it did not make any changes […]

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Mom has Reverse Mortgage & Child Lives in Home, Now What?


My mother has a reverse mortgage and Iv’e been reading and trying to understand it all. Basics….. her house was appraised at 390,000 back in 2007, she owed 113,000 on a previous loan. “Original principal limit” 234,000 minus the 113,000 leaves 121,000. Her payment plan was the line of credit which was 99,000 first Question […]

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