[vimeo id=”97384151″ width=”625″ height=”352″]
Would the FA prevent negative stories like this?
The long anticipated and overdue Financial Assessment for federally insured reverse mortgages has drawn mostly criticism and some praise from industry professionals. The chief concern amongst many is the new financial guidelines will further shrink the pool of eligible borrowers at a time when reverse mortgage production is low. However there is another facet of the financial assessment that can be easily overlooked; reducing headline risk. Case in point a recent article in the Tampa Bay Times by staff writer Susan Taylor Smith entitled “Complexities of a reverse mortgage snag homeowners”. The article tells the account of Kenny & Fran Goodnow who now facing foreclosure due to pay homeowners insurance. In fact they failed to pay any homeowner’s insurance premiums for the years 2009 though 2011 forcing the lender to call the loan due and payable for the amount of $217,000. The story shows a struggling senior couple with little financial knowledge who claim to have been duped by a salesman. Let’s look at the facts. First the Goodnow’s were already struggling to…
Looking for more reverse mortgage news, technology & training? Visit Reverse Focus here today.Contact the Tampa Bay Times Columnist Susan Taylor Martin Email: firstname.lastname@example.org Phone: (727) 893-8642