'Financial Assessment' Category Archives
It was disappointing experience for my Husband and I. We live in an area with an HOA we had a dispute with them that was settled but that has come back to bite us big time. We have excellent credit have paid our insurance, taxes and mortgage on time but apparently it is not enough to satisfy HUD according to our...
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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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"This financial assessment process is conducive to making the Home Equity Conversion Mortgage (HECM) an even safer loan product." If a potential borrower can swallow such an absurdity he need not be concerned about who this financial assessment ( FA ) is making the product safer for! The FHA wants 1.25% insurance and will only allow 60% loan to value...
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Can I pay the property insurance and taxes yearly without the lender holding part of the funds in a reverse mortgage for a number of years? The normal way is for the reverse mortgage homeowner to pay their own taxes and insurance EXCEPT if you do not meet the residual income or credit requirements of the program. And then, instead...
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This Little-Known Reverse Mortgage Feature Could Be a Game Changer Qualifying for a reverse mortgage is tougher for some people today than it has been in the past. That’s because new underwriting standards have been developed in the past year to ensure that these loan products are safer for the borrowers who use them. As of April 27,...
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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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New Safeguards for Reverse Mortgage Borrowers Offer Peace of Mind How a “LESA” is Giving New Peace of Mind to Reverse Mortgage Borrowers Take a Reverse Mortgage with New Peace of Mind Reverse mortgages have changed for the better. These mortgages, which allow people 62 and older to tap into their home equity in the form of a non-recourse loan,...
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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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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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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 and credit criteria, not considered...
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