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'Qualifications' Category Archives

2018 Reverse Mortgage Condo Spot Approval Update

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I live in an active retirement community called Somers Village which is an ASSOCIATION. I applied for a reverse mortgage with Resolute Bank beginning in Jan 2018. working with a broker or agent. After 6-8 weeks of supplying all the required paper work, etc, ending with the my condo appraisal. When my agent went to Resolute to get the final...
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When a LESA (Life Expectancy Set-Aside) is Required

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How to Tell if You Need a Reverse Mortgage LESA Qualifying for a reverse mortgage today is a different process than it was in the past. As underwriting standards have tightened considerably in recent years, becoming eligible for a reverse mortgage now requires a more complex analysis of the loan applicant’s financial circumstances. As a prospective borrower, it...
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Reverse Mortgage Credit: Tax Lien, Judgement & Collections

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How Credit History Can Delay the Reverse Mortgage Loan Process Court judgements and outstanding state or federal tax liens can blemish your credit history and make it difficult to borrow money. These derogatory marks on your credit report can also hinder your ability to get a reverse mortgage. A reverse mortgage allows homeowners age 62 and older to borrow against...
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Top 5 Reverse Mortgage Rules You Must Know

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Applying for and taking out a reverse mortgage loan is an important decision for senior homeowners, and it’s one that deserves time and research. Reverse mortgages enable homeowners 62 years or older to supplement their retirement income by converting a portion of their home’s equity into accessible cash flow. Reverse mortgages are powerful financial tools, but they are not...
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Any Reverse Mortgage Programs for Condos NOT Approved?

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2018 New Program Alert: All Reverse Mortgage® Now Accepts Non-FHA Approved Condominium Projects on our All-New Platinum Reverse Mortgage Request our Non-FHA Condo Quote Today!  Do you consider non hud reverse mortgages? My condo association is not fha certified There are only a very few private or proprietary  programs available at this time. Prior to the mortgage market meltdown in...
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Are the rules for all reverse mortgages the same?

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Are the rules for all reverse mortgages the same? Not all rules are the same in the same states let alone from state to state.  There are more than one reverse mortgage programs available but the main program being originated today is the HUD Home Equity Conversion Mortgage (HECM or "Heck-um").  The HECM accounts for the vast majority of all the reverse...
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Reverse mortgage on manufactured home with acreage?

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Our stick built home is on 3 acres and is valued at about $375,000. In 2001 we added a manufactured home on the same property. It is on a permanent foundation, is permitted, has its own separate utilities and address. It is presently a rental and is valued at about $150,000. In checking with two different lenders both indicated that...
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