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'Financial Assessment' Category Archives

Can I Opt for a Voluntary Life Expectancy Set-Aside? (LESA)

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Just learned of this feature, LESA. Am a current Reverse Mortgage holder and received a solicitation from a mortgage co. There's a lot to absorb regarding RM's and unless you are an educated real estate professional, it is virtually impossible to understand all the ramifications of these deals. Even with the "counseling" as required, total understanding remains murky. I would...
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Financial Assessment Update Takes Effect October 3, 2016

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Reverse Mortgage Financial Assessment Update Purpose The intent of this article is to announce upcoming updates to the HECM Financial Assessment and Property Charge Guide guidelines. Implementation These changes are effective for case numbers assigned on or after October 3, 2016.   New Requirements  SECTION NO. SUBJECT REVISED REQUIREMENT 2.14 Payment History on Housing Obligations Requirements apply only to the borrower's...
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HECM Financial Assessment > Extenuating Circumstances

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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 and credit history in its...
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Reverse Mortgage Credit Requirements

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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 to taking out a reverse...
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HECM Financial Assessment > Tax-Insurance Set-Asides

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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” loan originator conducts for traditional...
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