Today marks the beginning of a new era for the Home Equity Conversion Mortgage: the Financial Assessment. As you watch today’s episode you are faced with an entirely new set of guidelines to qualify prospective reverse mortgage borrowers…
Continue reading3 Weeks: Are You Prepared?
When it comes to how reverse mortgage loans are originated a line has been drawn in the sand: March 2nd, 2015. In two short weeks the long-awaited or dreaded Financial Assessment goes into effect forever changing the way HECM loans are qualified. This is a game-changer.
Continue readingThe Financial Assessment Released
The long anticipated, or dreaded depending on your viewpoint, Financial Assessment was announced last week by HUD at the annual National Reverse Mortgage Lenders Association conference in Florida. The new guidelines will go into effect March 2nd, 2015…
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