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A Hassle-Free HECM or Long Term Success?
Last week the Washington Post published an article entitled “Window is rapidly closing to get hassle-free reverse mortgage”. It is a well-written article outlining the change the financial assessment brings but more importantly it outlines the HECM program’s history which lead to such a monumental overhaul of the program. “Interested in a reverse mortgage without a lot of hassles? Better get your application in fast. As of April 27, the federal government is imposing a series of extensive “financial assessment’ test that will make applying for a reverse mortgage tougher- much like applying for a standard home mortgage.”
Indeed the Home Equity Conversion Mortgage has moved from being based merely on age and equity to a fully-underwritten loan, all in the effort to reduce risks for both lenders and FHA. For a quarter century…
Download a transcript of this episode here.
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