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'Qualifications' Category Archives

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 Condo Changes Allow for Spot/Single Unit Approval

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UPDATE: 9/3/2017 It is our unfortunate duty to inform all owners of condominium units located in projects that are not currently HUD approved that HUD released a statement today that HUD has decided not to alter the condo approval requirements/process at this time.  There had been so many rumblings of new rules to come and with this announcement, HUD has...
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Reverse Mortgage Lending on Manufactured Home

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NOTICE: All Reverse Mortgage is now accepting applications on manufactured homes If you’re the owner of a manufactured home and you’re wondering about your eligibility for a reverse mortgage, here’s the short answer: you may be eligible. Now for the longer answer. As with any prospective borrower, you must be aged 62 or older, you must legally own...
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Reverse Mortgage Income Requirements

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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 way for the lender to...
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When will HUD Reintroduce the Condo Spot / Single Unit Approval?

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BREAKING: Federal Housing Administration (FHA) today proposed new rules which could soon allow lenders to process spot/single unit approvals for condominiums.  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...
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