5 Things You May Not Know about the Financial Assessment

[vimeo id=”112870126″ width=”625″ height=”352″]

Five Take-Aways from the Financial Assessment

reverse mortgage newsTwo weeks ago today we hosted a national webinar on the Financial Assessment with over 800 participants. Since that time the proverbial dust has begun to settle allowing us to absorb more details for the new way of doing business. That said there are five key facets of the Financial Assessment that may be overlooked or misunderstood.

1- Credit Scores. One could reasonably conclude that anytime a lender is checking a credit report the applicant’ts credit score is a key factor in determining their eligibility. Fortunately unlike traditional mortgages where the applicant’s credit score not only determines eligibility but the interest rate the HECM program has no such consideration. The credit report is soley for examining a borrowers history of paying obligations in a timely manner thus indicating their willingness to meet the financial obligations of a reverse mortgage.

2- Non-HECM liens. Recently uncovered is the requirement that non-HECM liens where the borrower

Download a transcript of this episode here.

Looking for more reverse mortgage news, commentary and technology? Visit ReverseFocus.com today.

Leave a Comment

HECMWorld.com uses cookies to improve user-experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Cookies View Policy

Learn More About Fairway
Let's talk about your options.
Tell us a bit about yourself.
By entering your contact information, you are providing express written consent for Fairway Independent Mortgage Corporation to contact you at the email and number you provided via telephone, mobile device, automated means like autodialing, text SMS/MMS and pre-recorded messages, even if you are registered on a corporate, state, or federal Do Not Call list. You are also acknowledging and agreeing to our terms of service and privacy policy. Consent is not required to use our services.