'Income & Credit Requirements' Category Archives

HECM Financial Assessment & Extenuating Circumstances

April 2, 2015     1 comment

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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HECM Financial Assessment > Tax-Insurance Set-Asides

February 17, 2015     no comments

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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How to Get Your Case Number Before Financial Assessment Begins

February 5, 2015     2 comments

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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April 27, 2015 – Reverse Mortgage Financial Assessment Begins!

November 11, 2014     11 comments

HUD issues dates for implementation of financial assessment for reverse mortgages. In 2013, HUD shocked the reverse mortgage world by announcing that they planned to implement financial assessment guidelines in response to the heavy losses the program sustained in 2012.  The guidelines were set to require borrowers to qualify on the basis of income and past credit history for...
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2014 Reverse Mortgage Changes: New Qualifications Are On The Way

December 11, 2013     no comments

BREAKING: April 27, 2015 – Reverse Mortgage Financial Assessment Begins! Learn More Here Update: HUD Delays Implementation of Financial Assessment Dec. 20--HUD issued a Mortgagee Letter this afternoon that delays implementation of financial assessment, which was scheduled for January 13, 2014. Conversations with HUD indicate we can expect another Mortgagee Letter on Financial Assessment Requirements sometime in January with implementation...
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2014 Reverse Mortgage Financial Assessment: Will You Qualify?

December 6, 2013     no comments

BREAKING: April 27, 2015 – Reverse Mortgage Financial Assessment Begins! Learn More Here Update: HUD Delays Implementation of Financial Assessment Dec. 20--HUD issued a Mortgagee Letter this afternoon that delays implementation of financial assessment, which was scheduled for January 13, 2014. Conversations with HUD indicate we can expect another Mortgagee Letter on Financial Assessment Requirements sometime in January with implementation 90...
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What to Expect From The New Financial Assessment

September 30, 2013     no comments

BREAKING: April 27, 2015 – Reverse Mortgage Financial Assessment Begins! Learn More Here Update: HUD Delays Implementation of Financial Assessment Dec. 20--HUD issued a Mortgagee Letter this afternoon that delays implementation of financial assessment, which was scheduled for January 13, 2014. Conversations with HUD indicate we can expect another Mortgagee Letter on Financial Assessment Requirements sometime in January with implementation...
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Reverse Mortgage Credit Requirements: Will You Qualify?

November 15, 2011     2 comments

UPDATE: Financial Assessment has been postponed until 3rd quarter 2012 For those looking into getting a Reverse Mortgage, it’s important to be aware of certain changes that lenders may be making in the form of credit requirements for borrowers that take place during the loan underwriting process. Reverse mortgage lenders are beginning to conduct these financial assessments as a way...
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Imminent Changes to Reverse Mortgage Guidelines / Qualifications

November 4, 2011     2 comments

BREAKING: April 27, 2015 – Reverse Mortgage Financial Assessment Begins! Learn More Here UPDATE! Financial assessment has been postponed until 3rd quarter 2012 If you have any questions, please contact us immediately as time is very short before the requirements will be in effect. Toll Free (800) 565-1722 or request quote here »   In an effort to protect reverse mortgage...
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