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Home / Blog / Posts tagged with financial assessment

Posts Tagged 'financial assessment'

How Reverse Mortgage Financial Assessment Works

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Lenders must conduct a mandatory financial assessment of all borrowers as part of the loan application process. Historically, borrowers qualified for a reverse mortgage based on their: Age: a minimum of 62 Home equity: a level deemed substantial enough by the lender based on guidelines provided by the Department of Housing and Urban Development (“HUD”) Those...
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Reverse Mortgage Credit Requirements Explained

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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 mortgage, making the process...
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How Financial Assessment Made Reverse Mortgages Safer

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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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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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How to Get Your Case Number Before Financial Assessment Begins

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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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April 27, 2015 – Reverse Mortgage Financial Assessment Begins!

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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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Drastic Reverse Mortgage Changes Are Coming Soon

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HUD previously delayed their Financial Assessment, but it looks like they will be taking place soon. There are  changes that will go into effect in the near future that will affect many reverse mortgage applicants. At All Reverse Mortgage, we feel that we wouldn't be doing our jobs if we didn't keep everyone up to date on what's happening. Here are some...
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2014 Reverse Mortgage Changes: New Qualifications Are On The Way

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 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?

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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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