The first step is knowing you have confirmation bias too
Advertisement
How to Overcome Confirmation Bias
Advertisement
Share:
Leave a Comment
Must Read:
Advertisement
Advertisement
Advertisement
Recent Stories
Topics
Mortgagee Letter 2024-22 was released on November 26th announcing the new HECM limit which will...
Corrina Carter, president and founder at CMS Mortgage, told Mortgage Professional America she expects reverse...
Expert advice about reverse mortgages in the media is often misleading and downright inaccurate. Here’s...
1 Comment
I would just like to vent my frustration with the new spot condo program.I had a client living in her condo for 20 years, and has no mortgage on it. Things are getting tight money wise, but she has no lates on credit report and no lates on HOA fees or insurance. Her only issue is that she doesn’t have sufficient income and assets to qualify. If we were able to dissipate her assets, we could qualify her, but in spot approvals, we cannot do this. This woman must now put her home up for sale and move because she cannot afford to live there without this program. Why can we dissipate assets on a home, but not a condo? I’ve been in the reverse industry for 20 years, and I’m proud of all the people I helped through the years, but feel helpless that I cannot save this woman’s home for her.I feel this program is discriminatory in that the dissipation is permitted on single family homes but not condos. This is a needs based program, and it seems that we’re moving away from that concept. As a senior myself, I empathize with my clients trying to survive in a tough environment. Just need to vent.Thanks