More money for older HECM borrowers, substantially less when younger non-borrowing spouse present Today HUD released new PLFs (Principal Limit Factors) which now include a table for younger co-borrowers. Jerry Wagner, the President & owner of IBIS Software which provides origination software and information for both HUD and HECM Lenders
There was a rush to market by a handful of lenders to offer fixed rate variant products which still fell within the guidelines of the federally insured reverse mortgage or HECM program. While FHA has not directly addressed these new products Ginnie Mae has.
[vimeo id=”90920562″ width=”625″ height=”352″] What once worked may be problematic today Oddly our topic that every problem once was a solution reminds me of the now extinct standard fixed rate HECM. It was a solution to borrowers seeking maximum funds or a guaranteed interest rate which became a problem loan
[vimeo id=”86567434″ width=”625″ height=”352″] Our next opportunity for growth may be right under our noses It’s no surprise that in the wake of the housing crash, increased regulation, lower lending ratios and the HECM product redesign that many are seeking ways to expand their market and increase their loan production.
Equity Settlement Services, Inc. and the Law Offices of Puleo Delisle, PLLC are proud to announce the introduction of Senior Settlement Services.
With its recently announced changes HUD has effectively launched HECM 3.0. he programs third reinvention eliminates all present loan programs and effectively gives us a Saver reverse mortgage with a higher and graduated upfront mortgage insurance premium.
For future reverse mortgage borrowers qualifying may become problematic. In a recent article in the New York Times “Rules for Reverse Mortgage Borrowers May Become More Restrictive” Christopher Mayer describes the likely approach...
Reverse Mortgage loans without government backing? One mortgage banker says we need this sooner than later.