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Change heats up with the Financial Assessment and younger co-borrowing spouses
The remaining months of summer are certain to accelerate further changes to the federally insured reverse mortgage program. First is the long anticpated and often delayed Financial Assessment. In its effort to stem the tide of reverse mortgage foreclosures due to technical defaults resulting from nonpayment of property taxes and insurance HUD will provide clear guidelines to measure a borrowers financial capacity to meet such ongoing obligations. Last month at the National Reverse Mortgage Lenders Association regional conference in San Diego HUD’s Director of Single Family Program Development Karen Hill said the agency is making progress and anticipates…
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